Uber Careem 2
Uber Careem 2 Image Credit: Gulf News

Egypt signed off on Uber Technologies Inc.'s acquisition of ride-hailing peer Careem Inc. after setting price caps and other measures designed to keep the local market competitive.

The decision was made after studying data on 270 million trips as well as Egyptian and international precedents, the Egyptian Competition Authority said Sunday in a statement.

Uber in March announced its $3.1 billion purchase of its Dubai-based competitor Careem. Both companies have operated in Egypt since 2014, with their services in the Arab world's most populous nation including app-hailed passenger vehicles, buses and deliveries.