News
Cairo is Uber’s fastest growing city across EMEA region
Cairo, Egypt – Uber, the smartphone technology company that connects riders to drivers, celebrated its one year in Egypt this month by launching Alexandria, making it the second city in the country to offer the service after Cairo. The company also announced its partnership with Bey2ollak, the cross platform mobile application for people to exchange info about traffic. This is Uber’s first API integration with a Cairo-based business, and is available across the city.
The news follows Uber’s recent announcement of investing $250 million to the MENA region, part of which is going to further development in Egypt. Cairo has been the fasting growing city for the company across Europe, Middle East & Africa, having grown 73 times since launch, and completing more than 1.5 million trips. Most recently, Uber Cairo also announced a partnership with HarassMap, an anti-sexual harassment NGO in order to train drivers against sexual harassment and create a safer environment for women to work.
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Commenting on the company’s new milestone, Anthony Khoury, General Manager for Uber Cairo said: “Cairo’s support for Uber has been fantastic, as is evident in the incredible growth we are seeing across the city. On the rider side, there has been a real demand for a safe, reliable and affordable transportation option, On the driver side, we are providing tangible work opportunity and are already seeing a number of success stories. The positive response has made its way to Alexandria and we are excited to evolve our service throughout the country, including developing partnerships with locally based technologies like Bey2ollak. We are excited about the complementary role Uber will play in helping to develop the city’s transportation ecosystem will be critical.”
Bey2ollak Partnership
Bey2ollak uses the power of the crowd to create alerts about accidents, traffic jams and/or road hazards, and shares these updates with other commuters. Bey2ollak saves commuters time, optimizing the routes people take everyday.
This collaborative partnership will benefit both Uber riders and Beyollak users alike. Bey2ollak users will now be able to request their Uber directly from within the Bey2ollak app. Registered Uber users will be able to click on the icon and request an Uber ride, choose a car type, and view the estimated time of arrival directly, and seamlessly, from within the Bey2ollak app. The new feature also means that Uber partner drivers are also encouraged to use the Bey2ollak app to measure real-time roadway congestion and choose more efficient routes.
“We are excited to be Uber’ first API partnership in the country in order to help our users reach their desired destinations in the safest, most convenient way. This is the first of many development plans as we hope to replicate our success in the Egyptian market in other countries throughout the MENA region and Africa starting with KSA and Nigeria,” stated Mohamed Rafea, CEO, Bey2ollak.com
The Year in Review
The service has completed more than 1.5 million trips since launch and is creating work opportunity for over 2000 drivers a month
The technology platform has created work opportunities for over 2000 drivers a month. Over 40% of the drivers had previously been unemployed prior to joining Uber. The number of female drivers joining the platform has also increased, having grown 10x over the course of six months.
Uber has completed more than a million trips in the year it has been in Cairo, and has seen clear trends in the way riders are moving around Cairo. The top 5 pick-up and drop-off locations include City Stars, Nile Towers, Smart Village, 26 July and Cairo Festival City. Busiest neighborhoods for Uber rides include Heliopolis, Mohandesseen, Zamalek, Maadi and New Cairo. The company’s fast growth has meant that riders only need to wait an average of 4 minutes at the time of requesting a ride.
Heat-Maps show the progress of Cairo trips over the last year:
Heat-Map: Cairo Trips – Jan 2015
Heat-Map: Cairo Trips – Nov 2015
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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