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
Saudi Aramco maintains propane, butane prices for December
RIYADH: The Saudi Arabian Oil Co., also known as Saudi Aramco, kept its December contract prices unchanged month on month at $635 per tonne, according to an official statement
The company also maintained butane prices for the month at $630 per tonne.
Propane and butane are types of liquefied petroleum gas with different boiling points. LPG is commonly used as a fuel for vehicles, heating, and as a feedstock for various petrochemicals.
Aramco’s OSPs for LPG are used as a benchmark for contracts supplying the product from the Middle East to the Asia-Pacific region.
In winter, the demand for propane rises significantly due to its use in heating homes, which can lead to higher prices if supply struggles to keep up.
Such fluctuations are a normal part of the market and are expected during colder months. The increase in prices reflects the basic economic principle of supply and demand, with higher demand resulting in higher costs.
Mawani, Lloyd’s Register ink deal to streamline maritime operations
RIYADH: The Saudi Ports Authority has signed an agreement with the UK’s Lloyd’s Register to unify and streamline operational and maritime procedures across Saudi ports.
The deal is set to enhance efficiency by developing comprehensive manuals and guidelines, including quality and environmental procedure manuals that align with International Organization for Standardization standards, the Saudi Press Agency reported.
The collaboration aligns with Mawani’s efforts to improve operational excellence at ports and strengthen Saudi Arabia’s connectivity with global markets, thus boosting national exports. As part of the partnership, the Saudi Ports Authority aims to double the container throughput capacity at its ports, from 20 million containers to over 40 million.
This goal is part of Saudi Arabia’s broader vision to modernize its logistics infrastructure under the National Transport and Logistics Strategy, which targets increasing the sector's contribution to gross domestic from 6 percent to 10 percent.
The deal also seeks to define clear responsibilities through a code of good practices, ensuring compliance with updated International Maritime Organization agreements.
Additionally, the partnership will help secure international certifications such as ISO 9001:2015 for quality management and ISO 14001:2015 for environmental management, further enhancing operational efficiency, customer satisfaction, and sustainability practices.
As part of the cooperation, comprehensive training programs will be offered to port employees, including courses on ISO standards, maritime certifications, and the latest inspection and safety protocols. Digital solutions and cutting-edge technologies will also be integrated to support sustainable operations and improve overall port competence.
Lloyd’s Register, a renowned maritime classification society established over 260 years ago, is one of the most prestigious organizations in the global maritime sector. The company operates in 81 offices worldwide and serves over 40,000 clients across the maritime and logistics industries.
Aramco launches global innovation award for robotics excellence at WRO 2024
Aramco has partnered with the Aston Martin Aramco Formula One® Team and World Robot Olympiad to launch the Aramco Innovation Award, a new global honor recognizing excellence in robotics design and technology.
The award aims to inspire and reward young innovators who excel in creativity, problem-solving, critical thinking and technical skills.
The first Aramco Innovation Award will be presented at the 2024 World Robot Olympiad international final, which will take place from Nov. 28-30 in İzmir, Turkiye.
It will be given to the winning team of the future innovators category (senior age group). More than 5,500 teams and 15,000 students from around the world will compete for the award.
At the international final, 48 teams from 45 countries are eligible to win.
The prize includes an exclusive Aston Martin Aramco Formula One® Team Innovation Experience, which features a tour of the AMR Technology Campus in Silverstone, the home of British motorsport.
Khalid A. Al-Zamil, Aramco vice president of public affairs, said: “We’re excited to launch the Aramco Innovation Award as part of our dedication to developing future science, technology, engineering and math innovators. By partnering with Aston Martin Aramco Formula One® Team and World Robot Olympiad, we aim to inspire young minds to explore new possibilities in robotics and encourage the next generation of STEM careers.”
Luca Furbatto, engineering director, Aston Martin Aramco Formula One® Team, said: “We are thrilled to work with our partner Aramco to offer this insightful tour of our technology campus in Silverstone to the winners of the Aramco Innovation Award. It allows students the chance to see how a Formula One® team operates, and we expect it will help to inspire the next generation of designers and engineers through STEM opportunities.”
The Aramco Innovation Award celebrates young innovators who use robotics to address real-world challenges. By recognizing these achievements, Aramco and its partners are investing in future technology leaders who will help to shape the technologies of tomorrow’s world.
Claus Ditlev Christensen, secretary general of WRO, said: “Introducing the Aramco Innovation Award at this year’s WRO international final represents our ongoing mission to inspire young innovators. This collaboration with Aramco and Aston Martin Aramco Formula One® Team gives students an extraordinary chance to experience the latest technology. We believe these future leaders have the potential to drive the next wave of advancements in robotics.”
Saudi Arabia strengthens cybersecurity leadership at Black Hat MENA
RIYADH: Saudi Arabia reinforced its commitment to cybersecurity by hosting the Black Hat Middle East and Africa conference and exhibition this week. The event, held from Nov. 26-28, highlighted the Kingdom’s efforts to advance digital security and technological innovation as part of its broader Vision 2030 goals.
Organized by the Saudi Federation for Cybersecurity, Programming, and Drones in partnership with Tahaluf, Informa Global, and the Events Investment Fund, Black Hat MENA brought together global experts to discuss critical cybersecurity issues and share insights on protecting digital infrastructures, the Saudi Press Agency reported.
One day before the gathering, Mutab Al-Qunai, CEO of the Saudi Federation for Cybersecurity, told SPA that the event aims to foster innovation and collaboration in digital safety
The conference included a series of technical sessions and workshops centered on the role of cybersecurity in safeguarding emerging technologies. The Kingdom’s efforts to cultivate local talent and align with international cybersecurity standards were key themes. Notably, the event featured a drone challenge zone, aimed at engaging Saudi youth in drone technology and the cybersecurity challenges it presents.
Experts such as Nikhil Shrivastava, an Indian security researcher, and Bianca Lewis, founder of Girls Who Hack, contributed to discussions on the evolving landscape of cybersecurity threats and solutions.
Black Hat MENA also featured five national pavilions, with representatives from the US, Canada, India, Egypt, and Pakistan, alongside 43 exhibitors. The event hosted over 300 speakers, 450 exhibitors, and 350 workshops covering a wide array of cybersecurity topics.
The Activity Zone, sponsored by Haboob, presented cybersecurity challenges with prizes totaling more than SR2 million ($532,000). These included tests on smart home security, medical device hacking, and infrastructure vulnerabilities. The Capture the Flag tournament also took place, awarding SR790,000 in prizes, including SR90,000 for Saudi teams.
Faisal Al-Khamisi, chairman of the Saudi Federation for Cybersecurity, emphasized that hosting Black Hat MENA aligns with Saudi Arabia’s goal to lead in cybersecurity. He said the event demonstrated the Kingdom’s commitment to innovation, collaboration, and developing the cybersecurity skills necessary to protect the digital future.
Saudi Arabia’s efforts to strengthen its cybersecurity infrastructure and cultivate talent position the Kingdom as a growing hub for technological innovation in the region.
FMCG and tech drive UAE spending to $3.7bn in Q3 2024
RIYADH: UAE consumer spending saw robust growth in the third quarter of 2024, with total expenditures reaching $3.7 billion across fast-moving consumer goods, technology, and durable products, new data showed.
This represents a 4.8 percent year-on-year increase, reflecting the market’s resilience and evolving consumer habits, according to the latest NielsenIQ Retail Spend Barometer, powered by GfK intelligence. The index provides quarterly insights into UAE spending across FMCG and technical consumer goods.
The FMCG sector spearheaded growth, achieving $2.1 billion in sales during the third quarter, a 6.4 percent rise compared to the same period in 2023. Meanwhile, the technology and durable goods sector contributed $1.5 billion, marking a 2.5 percent year-on-year increase.
Strong back-to-school sales
The quarter’s performance was bolstered by back-to-school promotions, the expansion of convenience retail, and the ongoing rise of digital shopping platforms. QuickCommerce services and online grocery delivery gained traction, especially among younger, tech-savvy consumers.
David Cantatore, retail lead NIQ Middle East, said: “In the third quarter 2024, we’ve witnessed sustained growth in UAE’s retail landscape, with strong consumer spending driven by targeted promotions and increased demand in both FMCG and tech sectors.”
He added: “The growth of new communities is fueling convenience retail, while online grocery shopping is reshaping the landscape, especially among younger and busy professionals. This digital evolution demonstrates the market’s appetite to adapt and thrive in response to changing consumer preferences.”
FMCG outpaces tech
The FMCG sector demonstrated a strong recovery, with year-on-year growth rising from 3.2 percent in the third quarter of 2023 to 6.4 percent a year later. This resurgence followed a notable slowdown earlier in the year, when growth declined from 9.4 percent in the first quarter of 2023 to 3.5 percent in the corresponding period of 2024.
In contrast, the tech and durable goods sector faced a significant slowdown, as growth dropped from 7.7 percent in the third quarter of 2023 to 2.5 percent in 2024. However, back-to-school promotions and new product launches, such as the Samsung Galaxy S24, helped sustain consumer interest.
Retail evolution
The rise of new residential communities across the UAE has driven the expansion of convenience retail, encouraging more frequent but smaller shopping trips. This trend aligns with an increasing preference for sustainable and healthier products, supported by the rapid adoption of digital grocery platforms.
“The positive growth we’re seeing across both sectors reflects the UAE’s dynamic retail environment and strong consumer confidence,” Cantatore said.
He added: “As we continue to witness the evolution of shopping behaviors and the rise of digital solutions, the retail sector remains well-positioned for sustained growth and innovation.”
Digital trade in the UAE is expected to grow at an annual rate of 12.3 percent between 2023 and 2028, fueled by the increasing adoption of “buy now, pay later” models and advanced fintech systems.
A joint report released in May by the Ministry of Economy and the Abu Dhabi Chamber of Commerce highlighted that over 40 percent of UAE consumers rely on innovative payment solutions, underscoring the nation’s rapid shift toward digital commerce.
