News

Uber to Invest $20 Million in Egypt in Sign of Continued Commitment

Uber to Invest $20 Million in Egypt in Sign of Continued Commitment

Amid soaring inflation and the comprehensive economic reforms Egypt has embarked in the recent period, ride-hailing app Uber announced on Tuesday that it plans to invest $US 20 million in its new support center in the country.

In a sign of its continued commitment to the Egyptian market, the company’s Europe, Middle East and Africa chief Pierre-Dimitri Gore-Coty said that the reforms will not affect Uber’s activities in the country.

“Those reforms don’t change in any way Uber’s commitment to Egypt. We’re here to stay and we’ll continue to invest to be able to serve citizens over here,” he said, according to Reuters.

The Egyptian currency was floated by Egypt’s Central Bank in November last year resulting in the pound losing half its value.

The currency float was one of the primary demands put forth by the International Monetary Fund in exchange for releasing a $US 12 billion loan to support the country’s economy.

The reforms have included sweeping cuts in subsidies and public spending, resulting in soaring prices, negatively affecting the purchasing power of Egypt’s lower and middle classes.

“Those reforms did create a number of challenges, very clearly, and in particular for drivers … the cost of driving a car and running a business has increased a lot,” Gore-Coty stressed.

To continue its operations in Egypt, Uber has had to make deals with Egyptian car dealers in order for them to provide its drivers with cars they can afford.

The ride-hailing company also had to adapt its prices so that the drivers would be able to continue working without being hit too hard by the increase in basic commodity prices, the Uber chief said.

In August, Uber announced that it would invest EGP 500 million in Egypt as part of its EGP 2.2 billion investment in the Middle East and North Africa region.

At that time, the company claimed it had more than 30.000 drivers in the country. Now that number has reached 60.000.

Uber is planning to further invest in Egypt in the coming period, as the company soon is launching a public bus service to be operating across all of Egypt’s governorates.

China to Build Business District in Egypt’s New Capital, Amid Skepticism Against the Mega-Project
Egyptian Human Rights Defender Wins Martin Ennals Award

Subscribe to our newsletter


News

More in News

Egypt Predicted to Be “A Hot Travel Destination For 2019”: TTC

Egyptian StreetsDecember 13, 2018

Four Dead, 11 Shot Near Strasbourg Christmas Market

Egyptian StreetsDecember 11, 2018

Egypt Restricts the Sale of Yellow Vests Suspecting that Egyptians Might Copy the French

Egyptian StreetsDecember 11, 2018

Egypt Investigates Danish Couple Who Climbed the Pyramids for Nude Photograph

Nour EltiganiDecember 10, 2018

Egyptian Jews Celebrate Hanukkah Holiday With the Public

Egyptian StreetsDecember 7, 2018

Chanel Turns to Egypt for Inspiration of Modern Design

Egyptian StreetsDecember 6, 2018

Egypt Receives a Loan from the World Bank to Help Entrepreneurs and Small Businesses

Nour EltiganiDecember 5, 2018

Lawyers Drop Charges Against Rania Youssef’s Dress

Egyptian StreetsDecember 4, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.