Everyone knows Uber as the ride sharing company, bit not many know that it also diverisifes in other investments worldwide. Uber Egypt has launched the Uber Economic Empowerment Program in Egypt, 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.
Uber is evolving the way the world moves. By seamlessly connecting riders to drivers through our apps, we make cities more accessible, opening up more possibilities for riders and more business for our partner drivers and transport operators.
Uber’s rapidly expanding global presence continues to bring people and their cities closer and is currently providing service in over 380 cities across 69 different countries. It is already in Amman, Bahrain Beirut, Cairo, Casablanca, Dammam, Dubai, Abu Dhabi Doha, Jeddah, Riyadh and the Eastern Province with plans for expansion across the Middle East.
Education For Employment Egypt (EFE|Egypt) is the leading youth unemployment organization in Egypt. Through its market-driven model, EFE|Egypt trains underprivileged, unemployed youth in vocational and professional skills and connects graduates to jobs and entrepreneurship opportunities.
EFE|Egypt has operated across Egypt, from Alexandria and Greater Cairo to Monifiya and Qena, connecting over 1,300 youth with job opportunities and over 50 companies with the qualified, retainable entry-level talent they need to grow. Over 50% of EFE|Egypt graduates are young women, reflecting EFE|Egypt’s special focus on women’s employment.
Awesome news in the midst of all the bad economic news we keep getting everyday. Chapeau Beltone.