CCP grants time-bound exemption in Uber-Careem deal

News Image

MG News | June 14, 2024 at 10:28 AM GMT+05:00

0:00

June 14, 2024 (MLN): The Competition Commission of Pakistan (CCP) has granted exemption till December 2025 on specific clauses of Non-Compete Deeds of Covenant and the Common Stock Purchase Agreement (CSPA) signed between Emirates Telecom group, Careem Networks FZ-LLC, Careem Technologies Holding Limited, Managing Founders and Uber Technologies Holding Limited.

Emirates Telecommunications Group Company is a UAE-based public joint stock company that offers a range of communication services across the Middle East, Africa, and Asia.

Under the three separate Non-Compete Deeds of Covenant, the Emirates Telecommunications Group, the Managing Founders, and the Uber Group commit not to engage in certain competing businesses under the covenants.

They accordingly submitted an application to the CCP seeking exemptions on those Non-Compete clauses of the agreements.

The businesses covered under the agreements include delivery of food, groceries, physical goods, providing micro-mobility ride services via Super-App, and offering digital wallet or other financial products and services. Under the agreement, ride-sharing exclusivity will also be retained.

The CCP grants exemptions under Section 9 of the Competition Act, 2010, ensuring that such exemptions offers economic benefits that outweigh any anti-competitive effects besides they promote technical or economic progress.

CCP also give due consideration that exemption being granted should allow consumers fair share of the resulting benefits.

Accordingly, the CCP while granting exemption till Dec 2025 have specified certain conditions therein to be met also.

These inter alia include matters related to super-app and its availability for the consumers along with certain disclosures to be made.

It is expected that the entry of the Emirates Telecommunications Group into the relevant market will further foster technical progress, leading to enhanced services for customers for delivery of food, groceries, physical goods, and micro-mobility ride services in the territory of Pakistan.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 163,806.22
500.44M
-0.39%
-638.50
ALLSHR 99,845.79
1,977.49M
-0.42%
-417.42
KSE30 50,123.85
153.24M
-0.68%
-343.31
KMI30 238,530.50
71.49M
-0.36%
-850.63
KMIALLSHR 65,898.10
543.80M
-0.37%
-245.35
BKTi 46,380.96
92.15M
-0.49%
-229.01
OGTi 31,857.40
12.33M
-1.20%
-387.93
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,220.00 109,470.00
103,745.00
-1225.00
-1.13%
BRENT CRUDE 61.34 61.47
60.14
0.28
0.46%
RICHARDS BAY COAL MONTHLY 80.50 0.00
0.00
-1.00
-1.23%
ROTTERDAM COAL MONTHLY 93.20 93.50
93.20
0.05
0.05%
USD RBD PALM OLEIN 1,085.00 1,085.00
1,085.00
0.00
0.00%
CRUDE OIL - WTI 57.25 57.32
56.15
0.26
0.46%
SUGAR #11 WORLD 15.53 15.88
15.45
-0.27
-1.71%

Chart of the Day


Latest News
October 17, 2025 at 05:29 PM GMT+05:00

MLCF profit doubles in Q3FY25


October 17, 2025 at 05:04 PM GMT+05:00

PSX Closing Bell: A Hazy Shade of Red


October 17, 2025 at 04:53 PM GMT+05:00

Big industry output expands over 4% in Jul-Aug FY26


October 17, 2025 at 04:45 PM GMT+05:00

Govt to spend Rs30bn to upgrade industrial estates



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg