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Find out moreWe are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.
Read the full editionMinister of Economy of the UAE grants merger control clearance for Uber Technologies, Inc.’s acquisition of the assets of Careem, Inc.
Al Tamimi & Company acting on behalf of Uber Technologies Inc has received a favourable decision issued by His Excellency Sultan Al Mansouri, Minister of Economy approving an application for economic concentration for the acquisition of Careem Inc. assets by Uber Technologies Inc. The Competition Department at the Ministry of Economy conducted a thorough review of the acquisition in accordance with UAE Competition Law and established international best practices following a notification by the parties. Omar Obeidat, Partner and Head of Competition in Al Tamimi & Company described this decision as a “terrific and sound decision” adding that “UAE Ministry of Economy demonstrated a profound understanding of the mobility sector and the concluded the acquisition will not result in a dominant position in a properly defined market. This is also further recognition of the UAE’s dedication to patron and promote innovative businesses”. Uber and Careem operate in a broad market comprising not only ride-sharing but also other modes of transport, including traditional taxis. The market is dynamic and characterised by continuous innovation and expansion. The acquisition will result in efficiencies to drivers and riders in the UAE, as well as to the UAE transport sector and the wider economy. “The decision is conditional on the parties complying with UAE Competition Law, and we are very pleased by His Excellency’s decision.”
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