SINGAPORE: Singapore’s competition watchdog said it had reasonable grounds to suspect competition had been infringed by Uber Technologies Inc’s deal to sell its operations in Southeast Asia to rival ride-hailing firm Grab.
In a rare move, the Competition Commission of Singapore (CCS) has started an investigation into the deal and proposed interim measures that will require Uber and Grab to maintain their pre-transaction independent pricing, the watchdog said in a statement on Friday.
The proposal also requires Uber and Grab not to take any action that might lead to the integration of their businesses in Singapore, a move likely to pose a major hurdle to the US company’s attempt to improve profitability by exiting the loss-making Southeast Asian market.
It is the first time the commission has issued interim measures on any business in the country.
Uber and Grab announced the deal on Monday, marking the US company’s second retreat from an Asian market.
Under the deal, Uber will take a 27.5 percent stake in Grab, which is valued at around $6 billion, and Uber CEO Dara Khosrowshahi will join the Singapore-based company’s boar d.
CCS proposals also require both Grab and Uber not to obtain from each other any confidential information including pricing, customers and drivers.
The two firms will be given an opportunity to make written representations to the CCS upon receipt of the proposed interim measures, it said.
Singapore has a voluntary merger notification regime, and CCS has yet to receive the notification from Uber and Grab as of Friday, although the companies have indicated their intention to file a formal merger notification, CCS said.
Grab and Uber were not immediately available for comment.
The deal is the industry’s first big consolidation in Southeast Asia, home to about 640 million people, and is widely expected to give Uber more firepower to focus on other markets including India, as it prepares for an IPO in 2019.
Uber lost $4.5 billion last year and is facing fierce competition at home in the United States and across Asia, as well as a regulatory crackdown in Europe. The firm has invested $700 million in its Southeast Asian operations.
Singapore watchdog says Uber-Grab deal may have infringed competition
Singapore watchdog says Uber-Grab deal may have infringed competition
Qatar, Brookfield launch $20bn AI infrastructure venture
JEDDAH: Qatar has partnered with Canada’s Brookfield to establish a $20 billion joint venture aimed at building advanced artificial intelligence infrastructure and positioning the Gulf state as a regional hub for next-generation computing.
The venture, involving Qai — a subsidiary of Qatar Investment Authority — will invest in domestic and select international markets, the companies said in a statement.
Under the partnership, the companies will provide capital and operational expertise to develop AI infrastructure in Qatar, including fully integrated AI facilities, supporting the country’s rapidly growing digital and AI ecosystem.
Qatar has been steadily developing its AI ecosystem as part of its broader digital transformation and economic diversification strategy under the Qatar National Vision 2030.
In February 2024, the country launched its Digital Agenda 2030 to position itself as a regional hub for AI and advanced digital technologies, creating an enabling environment for large-scale projects, research, and strategic investment.
Mohammed Saif Al-Sowaidi, CEO of QIA, said: “QIA has been at the forefront of driving advancement though our AI investments. This joint venture is testament to QIA’s commitment to delivering both local and global impact.”
He added: “Leveraging on the long-term partnership we have with Brookfield, this JV will advance Qatar’s National Vision 2030 and help build a diversified, innovation-based economy for future generations.”
Among the plans is an Integrated Compute Center which will widen regional access to high-performance computing and support the rollout of trusted AI technologies across key sectors.
Brookfield plans to invest through its recently launched Artificial Intelligence Infrastructure Fund, with the Qai partnership forming a key part of a broader global AI infrastructure program that aims to mobilize up to $100 billion worldwide.
“We are thrilled to assist Qatar in establishing this investment in next generation AI and digital infrastructure alongside Qai. As our inaugural AI infrastructure investment in the Middle East, this partnership combines Qatar’s strategic vision with Brookfield’s global expertise in developing and operating large-scale, mission-critical infrastructure with global partners,” said Bruce Flatt, CEO of Brookfield.
He added: “Together, we look forward to building an integrated AI ecosystem that will accelerate innovation, deepen regional capability, and support the responsible deployment of advanced AI technologies across the Middle East.”
Abdulla Al-Misnad, chairman of Qai, said the partnership with Brookfield represents a key milestone in Qatar’s journey to develop world-class AI infrastructure and capabilities.
“By leveraging Brookfield’s expertise in developing and managing critical infrastructure alongside Qais’ mission to deliver trusted AI solutions, we are creating a robust platform to drive responsible AI adoption,” he added.
Al-Misnad further emphasized that the collaboration would attract investment and top-tier talent while reinforcing Qatar’s position as a trusted hub for advanced digital technologies regionally and globally.
