Egyptian Competition Authority Issued Conditional Clearance During First 6 Months Of Activity

The Egyptian merger control regime saw considerable amendments in 2024. Most notably the country introduced a mandatory pre-closing notification regime with suspensory effect. This has led to a stark increase in merger filings received by the Egyptian Competition Authority (ECA). Notably, the ECA imposed remedies in one case during the first 6 months of the new regime being applied. On 13 October 2024, the ECA cleared, subject to certain commitments, the acquisition of a stake in Social Impact Capital Ltd. (SIC), ranging from 31.7% to 48.8% by Saudi Egyptian Investment Company (SEIC) through one of its wholly owned subsidiaries, Afak Al Alam Investment Company. Through this acquisition, SIEC also became a controlling stakeholder in Cairo for Investment and Real Estate Development CIRA Education (CIRA Education)—a subsidiary of SIC—and thereby controlling interest in several education businesses in Egypt, including Badr University.