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'We're here to stay': Uber steps up a gear in Egypt with $20 million investment Open in fullscreen

The New Arab

'We're here to stay': Uber steps up a gear in Egypt with $20 million investment

Uber had two million users and 60,000 drivers in Egypt last year [Getty]

Date of publication: 12 October, 2017

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Uber has announced a $20 million investment in its new support centre in Cairo as the company seeks to shore up its commitment to Egypt amid national economic reforms.
Uber has announced a $20 million investment in its new support centre in Cairo as the company seeks to shore up its commitment to Egypt amid national economic reforms.

The San Francisco-based company opened its new Cairo Centre of Excellence on Tuesday and said it will spend $20 million on the facility over the next five years to enhance Uber's service throughout the region.

Uber had two million users and gave jobs to 60,000 drivers in Egypt last year.

The Egyptian pound has lost half its value and fuel prices have soared by up to 50 percent since the country floated the currency last November as part of demands by the International Monetary Fund in exchange for a $12 billion loan.

"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," the ride-hailing company's Europe, Middle East and Africa chief Pierre-Dimitri Gore-Coty told Reuters.

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

Following the 2011 uprising, Egypt has enacted various economic reforms and passed a new investment law that offers incentives to businessmen in a bid to lure back foreign investors. 

"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 said.

Uber has made deals with local car dealerships to provide drivers with affordable vehicles and adjust prices to shield workers from inflation, the regional chief added.

Inflation in Egypt has dipped over the past couple of months after reaching a record-high in July, but was still above 30 percent in September.

Uber is also in negotiations with Egypt to launch a national bus service aimed at reducing the country's road congestion.

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