Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

CCP grants time-bound exemption in Uber-Careem deal

CCP grants time-bound exemption in Uber-Careem deal
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

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

Posted on: 2024-06-14T10:28:17+05:00