Egypt is strategic market for Uber in MENA with bold economic atmosphere: CEO to Ahram Online - Markets & Companies
Egypt is a strategic and core market for Uber in the Middle East and North Africa (MENA) region with a bold economic atmosphere, Youssef Abouseif, the company's general manager for Egypt, KSA, and Bahrain, told Ahram Online (AO).
Abouseif said this on the sidelines of the conference Uber held Thursday in Cairo to present the report showcasing its economic impact in Egypt, marking a decade of operating in the country.
He told AO that the ride-hailing company plans to expand locally by launching its services in more governorates nationwide.
When asked about the digital infrastructure essential for Uber's operation in the country, Abouseif said: "Egypt has several robust potentials that support Uber operations."
He noted that Monorail Egypt, currently under construction, has great potential for Uber as a ride-hailing app. It will connect public and smart transport providers and help the country's public and private sectors.
Uber Egypt released its first-ever Economic Impact Report during the conference, highlighting its role in boosting Egypt's economy, empowering Egyptians with economic opportunities, and enhancing mobility.
The report also revealed that Uber contributed an estimated EGP 7.4 billion to Egypt's economy.
Moreover, it underscored the platform's impact on tourism, adding EGP 3.1 billion to the sector's revenues and demonstrating its tangible benefits for riders and partner drivers.
The report, commissioned by Uber and conducted by Public First, also outlined the ride-hailing company's economic impact on local businesses, drivers, and riders in 2023.
'This report demonstrates the power of technology in transforming mobility and creating economic opportunities in Egypt,' Abouseif emphasized.
'Over the past decade, Uber has provided thousands of drivers with flexible earning opportunities and brought innovative solutions to help people access modes of transport that are safe, reliable, and convenient. As we look ahead, we remain committed to working with policymakers and industry players to further unlock the potential of the ride-hailing sector,' he added.
Abouseif also revealed that drivers on the app are making EGP 1.8 billion in additional earnings annually.
'By offering opportunities that cater to those with caregiving responsibilities, 73 percent of drivers cited that it enabled them to balance work, family, and personal growth. Moreover, 64 percent reported that Uber helped them earn money in emergency situations, while 47 percent said their earnings through Uber made them feel more financially secure,' the report read.
Additionally, the app's features, such as upfront pricing and GPS tracking, improve safety and ease of travel, making Egypt more accessible to global tourists exploring historic landmarks and coastal destinations.
According to the report, Uber supported EGP 710 million in value for the leisure economy by enabling safe late-night travel, boosting hospitality, entertainment, and leisure venues, and strengthening economic activity in these sectors.
The report also indicated that the Uber app saved riders 8.4 million hours annually or 59 years, enhancing efficiency and convenience.
It showed that 70 percent of riders used Uber in emergency situations, while 48 percent relied on it to connect with public transport.
The report added that 72 percent of riders used Uber for work commutes, 60 percent for airport rides, and 61 percent for social events.
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