INTERVIEW: 'Uber sees great potential in Egypt's tech sector': GM - Economy
Ahram Online discussed significant advancements in Egypt's digital infrastructure and how they enhance the operations of ride-hailing apps with Youssef Abouseif, the General Manager (GM) for Egypt, Saudi Arabia, and Bahrain at Uber.
Abouseif also delves into the potential and challenges facing the Egyptian tech landscape, the current business atmosphere, and Uber's contributions to the local economy. He highlights the company's commitment to creating a safer, more efficient mobility ecosystem, reflecting a bright future for this burgeoning sector in Egypt.
Ahram Online: How do you see the digital infrastructure in Egypt enhancing the operation of ride-hailing apps in the local market?
Youssef Abouseif: Egypt has made significant strides in strengthening its digital infrastructure, which is crucial for the growth of ride-hailing services. Improvements in mobile connectivity and digital payment solutions have contributed to a more seamless experience for riders and drivers. Egypt will continue to invest in technology and infrastructure as part of its Vision 2030, which will further enable efficient mobility solutions and drive the industry forward.
AO: What is the Egyptian economy's potential regarding the tech industry landscape? Are there any challenges?
YA: Egypt has a strong foundation for tech growth with a rapidly expanding digital economy and a young and tech-savvy population. Uber sees excellent potential in Egypt's tech sector and continues to invest in innovative mobility solutions to support its growth.
AO: How do you perceive the current doing business atmosphere in Egypt?
YA: Egypt remains a key market for Uber, and we are motivated by the government's ongoing efforts to enhance the business environment. Egypt has taken steps to support digital businesses and encourage investment in the technology sector. We remain optimistic about the market's long-term potential and are committed to contributing to its growth.
AO: The latest Uber Economic Impact Report includes key figures that show how the ride-hailing industry could benefit local economies. Please expand on these results and their reflection on the Egyptian economy.
YA: As a leader in the ride-hailing industry in Egypt, Uber has been a catalyst for economic growth since its launch in 2014 by creating flexible earning opportunities for partner drivers and improving mobility for riders. Uber's EGP 7.4 billion to the economy helped individuals achieve financial security. In addition, we've contributed EGP 3.1 billion in additional value to the tourism sector by providing safe, reliable, and convenient products and features for tourists and locals alike.
In 2017, we launched the Cairo Center of Excellence, the largest Uber support hub in EMEA, serving 15 countries across the Middle East, Africa, Europe, and the US in four languages. In 2018, we launched Uber Bus for the first time globally in Egypt, providing affordable and seamless mobility solutions for Egyptians.
Safety remains a top priority. We continue to build on top of our existing safety features to introduce new safety features for riders and driver partners, including in-app emergency features and trip audio recording. In addition, we have laid down industry-leading onboarding guidelines for all partner drivers who sign up for Uber, including criminal record certificates, negative drug tests, vehicle worthiness reports, mandatory safety education, and enhanced screenings that include random monthly randomized drug tests.
AO: Could you update us on Uber's expansion plan in Egypt in 2025?
YA: We are exploring ways to grow our presence in Egypt. We believe Uber is part of a diverse mobility ecosystem, with public transport being the backbone. We want Uber to be a gateway to multimodal transport, with shared mobility extending the reach of transit and making it a more accessible option. Therefore, we're exploring potential integrations with the monorail lines and other mobility solutions in new urban communities. We are committed to continuing to innovate our mobility, offering and helping people access modes of transport that meet their daily needs. Our focus remains on increasing accessibility to Uber, optimizing earning opportunities, and ensuring a safe and reliable ride-hailing experience for all users.
AO: Are there new collaborations in the pipeline with Egypt's government?
YA: We continue to engage in ongoing discussions with government stakeholders to explore ways to enhance the sector, including improving transport infrastructure, increasing safety standards, and supporting digital transformation initiatives.
Improving safety in the ride-hailing industry is a continuous process that requires active collaboration between policymakers, industry players, and subject matter experts to set legislative frameworks and industry-wide standards.
Follow us on:
Facebook
Instagram
Whatsapp
Short link:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Gold Continues Global Rally Amid Inflation Anxiety and Trade Uncertainty
Waleed Farouk Gold prices declined in the local Egyptian market during Wednesday's trading, despite gains in global spot prices, which were supported by growing investor caution ahead of the release of key U.S. inflation data and persistent uncertainty surrounding the global trade outlook—particularly the future of U.S.-China relations. In Egypt, gold prices fell by EGP 5 compared to Tuesday's closing levels. The 21-karat gram opened at EGP 4665 and ended at EGP 4660. Meanwhile, global spot gold rose by $10 to reach $3,334 per ounce. Other local gold prices included: 24-karat gold at EGP 5,326 per gram 18-karat gold at EGP 3,994 per gram 14-karat gold at EGP 3,107 per gram The gold pound at EGP 37,280 On Tuesday, local gold prices also saw a decline of EGP 5, with the 21-karat gram dropping from EGP 4670 to EGP 4665 by the close. Globally, spot gold slipped by $3 that day, ending at $3,324 per ounce. The contradiction between global and local price movements is attributed to a drop in the exchange rate of the U.S. dollar against the Egyptian pound, which hovered around EGP 49.70. Additionally, domestic demand remained relatively subdued. The pound's strength is being supported by increased foreign currency inflows and a significant rise in remittances from Egyptians working abroad. This, combined with the U.S. dollar's broader weakness against other global currencies, is contributing to local market dynamics. Globally, the rise in gold prices is being driven by investor anticipation surrounding the release of the U.S. Consumer Price Index (CPI) later today. This data is expected to provide crucial guidance on the Federal Reserve's upcoming monetary policy decisions. Expectations point to continued price pressures, which may compel the Federal Reserve to maintain higher interest rates for an extended period. Such a scenario enhances gold's appeal as a hedge against inflation. On the geopolitical front, doubts continue to cloud the outlook of a potential trade agreement between Washington and Beijing. Despite recent positive signals, investors await official confirmation from the two nations' leaders, which is heightening market volatility and driving demand for safe-haven assets, led by gold. In this context, analysts at ANZ Research project that gold prices could climb toward $3,600 per ounce in the second half of the year. This forecast is underpinned by strong central bank purchases and growing investor interest in hedging against both political and economic risks. Although gold traditionally moves inversely with real yields, this correlation has weakened since early 2022. Increasingly, gold is being seen as a shield against geopolitical shocks—particularly in light of economic sanctions targeting key emerging-market economies. In summary, gold's current performance reflects a cautious equilibrium between risk aversion and moderate optimism about achieving relative economic stability in H2 2025. This trend is expected to persist until there is greater clarity regarding U.S. monetary policy and the direction of trade negotiations between the world's two largest economies. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Egypt Today
an hour ago
- Egypt Today
Egypt Achieves 3.1 Percent Primary Surplus Highest Since 2005
CAIRO - 11 June 2025: Finance Minister Ahmed Kouchouk announced that Egypt's state budget recorded a 3.1 percent primary surplus during the period from July to May — the highest since 2005 — despite notable revenue losses from the Suez Canal and the energy sector. Kouchouk emphasized that Egypt's economy is showing clear signs of improvement, with the private sector playing a leading role in the recovery. Over the past ten months, the private sector accounted for 60 percent of total investments, underscoring its growing contribution to national development. The Minister reaffirmed the government's commitment to achieving its fiscal targets, even after absorbing a loss of LE 110 billion in Suez Canal revenues and allocating an additional LE 150 billion in support of the energy sector. He also revealed that Egypt recorded its highest tax revenues in years — a 38 percent increase — without introducing new financial burdens on citizens. Robust performance was noted across several sectors, including tourism, non-oil manufacturing, and information and communications technology (ICT), especially during the first half of the fiscal year. On the social spending front, the Minister reported that healthcare spending rose by an average of 27 percent, while education expenditure increased by 23 percent over the ten-month period. Allocations for subsidized goods reached LE 95 billion, reflecting a 37 percent annual increase. The Takaful and Karama social protection program received LE 30 billion in funding, up 24 percent year-on-year. Additional fiscal support included LE 11 billion for state-funded medical treatment — an annual increase of 35 percent — and LE 8 billion to support industrial production, which grew by 128 percent. Export support allocations totaled approximately LE 15 billion. Regarding debt management, Kouchouk stated that Egypt's external debt tied to the state budget decreased by $2 billion over the past ten months. The average maturity of the debt was extended to 1.8 years as of December 2024. He concluded by highlighting the surge in remittances from Egyptians abroad, which reached $26.4 billion between July and March — an increase of 82.7 percent compared to the same period the previous year, offering a significant boost to Egypt's foreign currency reserves.
Identity
2 hours ago
- Identity
Contact Financial Holding Appoints John Saad as CEO, building on the Solid Foundation Laid by Said Zater with Strong FY24
In a strategic move, Contact Financial Holding reaffirmed its ongoing commitment to growth, innovation, and market leadership, as Said Zater has officially handed over executive leadership to John Saad, who assumes the role of Managing Director and Chief Executive Officer of Contact Financial Holding. This leadership shift coincides with Zater's appointment as Vice Chairman of the Group's Board of Directors. The Group has maintained a solid performance over the years, closing FY24 with a total financing portfolio exceeding EGP 21 bn.
