Everyone knows Uber as the ride sharing company, bit not many know that it also diverisifes in other investments worldwide.
Uber has 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).
The first-of-its-kind MoU between EFE and Uber will leverage the partnership to create socio-economic opportunities for people from resource poor sections of society, focusing on youth and women. Successful graduates of the program will go on to be Uber partners. The financing agreement with BPE Partners will empower partner – drivers by providing affordable financing solutions and a streamlined process to obtaining vehicles that meet Uber standards.
Uber has a long-term commitment to creating tens of thousands of jobs and entrepreneurship opportunities. Since launching in Cairo, the Uber 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 10 times over the course of six months.
BPE Partners (formerly Beltone Private Equity) is an Egypt-based, employee-owned private equity manager founded in 2006. They have helped entrepreneurial development in Egypt for years now. BPE Partners’ investments focus on high-growth, well-managed companies that stand to benefit from the fast-growing, underserved Egyptian middle class in different sectors. With more than a decade of experience in the market, BPE Partners’ investment professionals have established deep industry expertise and a strong track record that make them perfectly-positioned to capture new growth opportunities in Egypt.