Cairo: An Egyptian court has ordered the suspension of a ruling to revoke the licenses of the country’s ride-hailing services, Uber and Careem.
Saturday’s decision by the Cairo Court of Urgent Matters allows the two companies to operate until a higher court rules on an appeal against the ban.
In March, an Egyptian court deemed it illegal to use private vehicles for taxi services and ordered Uber and Careem’s apps to be blocked.
They have since continued operating nonetheless. Parliament is currently discussing a bill to legalize their work.
Taxi drivers have long complained that both companies enjoy unfair advantages as they neither pay the same taxes nor follow comparable licensing procedures.
Uber was founded in 2010 in San Francisco while its competitor Careem was founded in 2012 in Dubai.
Egypt court suspends ban on Uber and Careem’s services
Egypt court suspends ban on Uber and Careem’s services
- An Egyptian court deemed it illegal to use private vehicles for taxi services and ordered Uber and Careem’s apps to be blocked in March.
- Uber was founded in 2010 in San Francisco while its competitor Careem was founded in 2012 in Dubai.
Closing Bell: Saudi main index closes in green at 10,699
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 74.29 points, or 0.70 percent, to close at 10,699.79.
The total trading turnover of the benchmark index was SR4.03 billion ($1.07 billion), as 161 of the listed stocks advanced, while 87 retreated.
The MSCI Tadawul Index increased, up 7.06 points or 0.51 percent, to close at 1,404.07.
The Kingdom’s parallel market Nomu gained 7.93 points, or 0.03 percent, to close at 23,919.4. This comes as 30 of the listed stocks advanced, while 44 retreated.
The best-performing stock was National Co. for Learning and Education, whose share price surged 8.09 percent to SR155.
Other top performers included Saudi Reinsurance Co., whose share price rose 4.89 percent to SR28.30, and Yamama Cement Co., whose share price increased 4.40 percent to SR24.20.
On the downside, the worst performer of the day was AlJazira REIT, whose share price fell by 2.44 percent to SR12.
Derayah REIT Fund and Qassim Cement Co. also saw declines, with their shares dropping by 1.84 percent and 1.79 percent to SR5.34 and SR41.60, respectively.
On the announcements front, Naseej Technology Co. announced that it has secured a Shariah-compliant credit facility worth SR40 million with the Saudi National Bank.
According to a Tadawul statement, the agreement was formally signed and received by the company on Dec. 8. The facility, which extends until Nov. 30, 2026, is designated for general corporate purposes, specifically to finance working capital requirements.
This will include issuing letters of guarantee and covering advance payments. The financing is secured by a company promissory note.
