Uber and Careem: A Forced Pre-Merger Control?
On 24 March 2019, Uber announced the USD 3.1 billion acquisition of Careem, one of the largest technology transactions in the MENA region. Shortly thereafter on 26 March 2019, the Egyptian Competition Authority (the “ECA”) issued a press release regarding the proposed acquisition between Uber and Careem, in which it addressed its concerns about the […]
read moreThe Supreme Committee for Advising on International Arbitration Cases
On 24 April 2019, the Prime Minister issued Decree No. 1062 of 2019 (the “New Decree”) which was published in Egypt’s Official Gazette. The New Decree replaces Prime Minister Decree No. 1255 of 2014 which established the Supreme Committee for Advising on International Arbitration Cases (the “Committee”) and Decree No. 1966 of 2014. The main […]
read moreNew Regulations on the Protection of Bank Customers
Financial inclusion and access to finance is a top priority for the CBE and they have recently introduced a number of regulations to promote financial inclusion across various different sectors and customers operating in Egypt. The CBE recently issued new regulations on 19 February 2019 titled: “Instructions for the protection of the rights of bank […]
read moreMoving Towards a Cashless Society
Egypt is taking steady steps towards a cashless economy. Parallel to the Central Bank of Egypt’s efforts to enhance financial inclusion, a new law regulating cashless payments (the “New Law”) was promulgated on April 16th, 2019 and published in the Egyptian Official Gazette on April 17th, 2019. Whereas financial inclusion targets bank customers through digital […]
read moreThe Executive Regulations of the Consumer Protection Law No. 181 of 2018
On April 2nd, 2019, the Executive Regulations (the “Regulations”) of the new Consumer Protection Law No. 181 of 2018 were issued (the “CPL”). The CPL replaces the previous Consumer Protection Law No. 67 of 2006, providing more protection to consumers. Below are highlights of some of these new rights organized by the Regulations: Informed Consumers […]
read moreDevelopments in the Capital Market Regulations
Over the course of the first quarter of 2019, a number of new regulations have been introduced in relation to the Capital Markets. The Financial Regulatory Authority (the “FRA”) has issued decrees regulating the short selling of securities on the Egyptian Stock Exchange (the “EGX”), amendments to listing and delisting rules (the “Listing Rules”) and […]
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