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,…
Uber to Invest $20 Million in Egypt in Sign of Continued Commitment
October 11, 2017
