Careem insists business as usual in Egypt despite legal row

Careem said it had full confidence in Egypt’s judicial system following a legal move to halt the operations of the company alongside rival Uber. (Reuters)
Updated 21 March 2018
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Careem insists business as usual in Egypt despite legal row

LONDON: Careem said it had full confidence in Egypt’s judicial system following a legal move to halt the operations of the company alongside rival Uber.
The pair are the focus of protests by Egyptian taxi drivers who say that their drivers are not required to pay fees to operate transportation services.
An Egyptian court this week accepted a petition that demanded the government stop licensing Uber and Careem activities in Egypt, including their online applications, state-owned newspaper Al-Ahram reported.
The lawyer representing taxi drivers, Khaled Al-Gamal, told AFP that the ruling would have to be implemented by the government even if Uber and UAE-based Careem appeal.
“They have to stop operations and block their mobile applications on the Internet,” he told AFP.
But both companies said their operations have not been officially suspended.
“We have full confidence in the Egyptian judicial system and should any verdict be reached against the ride-hailing industry, we will follow the requisite judicial procedures available under Egyptian Law,” said Careem in a statement to Arab News. “For now, we will continue as business as usual.”


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
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Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.