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Uber Senior Strategist Visits Cairo
Cairo, Egypt – March 9, 2016: David Plouffe, Uber’s chief adviser and former campaign manager for Barack Obama in 2008, made his first visit to Cairo this month with Uber.
During his two-day visit, Plouffe had a number of meetings with key stakeholders as the ridesharing technology company works towards helping governments and organizations transition to an on-demand economy. He also attended Uber’s largest new driver training session at over 600 drivers.
“The sharing economy has a lot more profound economic value today than it did a few years ago”, Plouffe said at The Future Of Work: How Technology is Changing the Business Model fireside chat with Dr. Nagla Rizk, professor of economics and founding director of the Access to Knowledge for Development Center (A2K4D) at the School of Business, The American University in Cairo. “Cairo is Uber’s fastest growing city around the world,” Plouffe added. “We’re keen to engage with government bodies, NGOs and businesses, to intensify our partnerships with them and work towards creating a system to produce the economic output we all desire: more work for more people, reduce congestion and provide safer transportation.”
The American Chamber of Commerce in Egypt’s Entrepreneurship and Innovation Committee also hosted Plouffe in a chat with Naguib Sawiris, the Chairman and CEO of Orascom Telecom Media & Technology Holding.
“Innovative projects like Uber have made the lives of people easier, saving money, time and providing work. Governments should embrace innovation and technology, and address how they can be a part of it. We need to fast forward to the future and take advantage of the economic opportunity that will come out as a result,” stated Sawiris.
Uber has committed $250 million to the MENA region, a large portion of it to expansion in Egypt and to creating tens of thousands of jobs and entrepreneurship opportunities across the country. The technology platform creates over 2000 work opportunities for drivers each month in Egypt. 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 onboarded over 100 women in the last six months. .
During Plouffe’s visit, Uber Egypt launched the Uber Economic Empowerment Program, intended to provide wider members of the community, including youth and women, with the resources, education and training to eventually become Uber partner-drivers, entrepreneurs and small business owners. The program includes a Memorandum of Understanding (MoU) signed with Education For Employment|Egypt (EFE|Egypt) and with BPE Partners’ managed investment vehicle Arabiya for Investments and its subsidiaries (CDCM – Peugeot Egypt, UE Leasing and Rawaj Auto Loan.
About Uber MENA
Uber first arrived to region in late 2013, starting with Dubai and has since grown to extend its presence to Abu Dhabi, Amman, Bahrain, Beirut, Casablanca, Dammam, Doha, Eastern Province, Manama, Istanbul, Jeddah, and Riyadh, demonstrating its commitment to the region, as well as its growing popularity.
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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