Uber plans to pour $100 million investments in the Egyptian market in the next five years, the ride-hailing giant said in a statement issued Wednesday.
Minister of Investment and International Co-operation Sahar Nasr said yesterday that “Egypt is supporting all foreign companies to expand its new activities, and inject more investments in the country.”
The statement came during the inauguration ceremony held by the international ride-hailing company, Uber, to its new services of “Uber Bus” yesterday in Cairo.
Minister Nasr added that selecting the city of Cairo to launch the new service means that the country’s investment climate is attractive, especially after the issue of the new investment law, and the new regulating law for tech-enabled transportation services.
The Minister added that the ride-hailing company investment plan cope with the country’s current policy of attracting more foreign investments.
The new investment will help offer more job opportunities and affordable prices to citizens,” the minister said, adding that the international company has helped in engaging informal drivers to work under an organized system sticking to the country’s formal and tax policies.
Uber has opened its Centre of Excellence in Cairo in 2017 with an investment of around $20 million.
Dara Khosrowshahi, Uber CEO, said:
“I’m excited to be in Cairo to launch Uber Bus, a product that will improve affordable transportation for millions of Egyptians by using Uber’s technology to enhance the popular minibus system.
“We are committed to broadening access to the Uber platform with a range of low-cost options that will move more people around town and help cities tackle issues such as congestion. Egypt,” Khosrowshahi added.