Cairo, Egypt - Uber today celebrated the first driver receiving his car through the ValU vehicle financing program, supported by the Ministry of Investment and International Cooperation and the Saudi Development Fund. Ahmed Abdel Rahim has been an Uber driver for just over a year has received his first car today after being selected for his high performance and his commitment to Uber.

As part of Uber’s long term commitment to the drivers, Uber announced the partnership with valU, supported by the Ministry of Investment and International Cooperation and the Saudi Development Fund, to provide drivers with the best in market vehicle financing programs at a 5% interest rate, compared to the market average of 20%. “We are excited to witness our drivers reaping the benefits of this partnership. We have more than 150K drivers on our platform and such partnership reinforces our commitment to them. Our role won’t stop here but we will continually support our drivers in tough economic situations through strategic partnerships.” Commented, Nadim Nagui, Regional Vehicle Solutions Manager, Uber Egypt.

The deal helps existing and potential drivers on Uber platform get access to vehicles, created in response to consistent feedback from potential drivers about the barriers to entry in owning a car. Ahmed Abdel Rahim expressing his happiness “I am very happy to receive my car today and I would like to thank Uber and ValU for creating this partnership that will help us overcome the current economic challenges.  I have been working on Uber platform for more than a year now in which I have made more than 1000 trips, and thanks to this partnership I now own my first car that will facilitate my journey in Uber and in my life.”

“We are thrilled to join forces with UBER to empower drivers across Egypt through this partnership, which will lower the barriers to owning vehicles through a convenient installment program that is only applicable for discipline and committed drivers with proven track record in the service and are seeking sustainable job opportunities and contributing to the development of ride hailing services to better serve the public. We would also like to extend our gratitude to the Ministry of Investment and International Cooperation and the Saudi Development Fund for empowering Egypt ventures to develop more funding opportunities for individuals and SMEs, in addition to Nissan for their cooperation in providing the cars on short notice. Such collaborations helps creating market synergy for the benefits of the public and the Egyptian Economy” stated Mohamed El Feky, ValU’s Head of Product Development.

Two months ago, Uber announced a major vehicle financing deal with valU, EFG Hermes’s newest non-bank finance platform to provide drivers with the best in market vehicle financing programs at a 5% interest rate. Uber has created over 150K work opportunities, making it the largest economic contributor in Egypt. Over 60,000 drivers per month are dependent on Uber for economic opportunity, providing millions of trips to Egyptians. Over half of Uber drivers are using Uber for its part time, flexible work opportunity.

About Uber

Uber’s mission is to bring reliable transportation to everywhere, for everyone. We started in 2010 to solve a simple problem: how do you get a ride at the touch of a button? Seven years and more than two billion trips later, we have started tackling an even greater challenge: reducing congestion and pollution in our cities by getting more people into fewer cars.

In the Middle East, Uber is already in Alexandria, Amman, Bahrain Beirut, Cairo, Casablanca, Dammam, Dubai, Doha, Damanhour, Jeddah, Istanbul, Karachi, Lahore, Madinah, Makkah, Manama, Mansoura, Riyadh, Tanta and the Eastern Province with plans for expansion across the region. To request a ride, users must download the free application for android, iPhone, Windows Phone, Blackberry 7, or sign up at uber.com/app. For more information, please visit: https://www.uber.com/cities/

About EFG Hermes

With a current footprint spanning seven countries in the Middle East, North Africa and Pakistan (MENAP Region), EFG Hermes started in Egypt and has grown over 30 years of success to become a leading financial services corporation with access to emerging and frontier markets. Drawing on our proven track-record & a team of more than 2900 talented employees, we provide a wide spectrum of financial services that include investment banking, asset management, securities brokerage, research and private equity to the entire region. EFG Hermes launched the NBFI Platform, EFG Hermes Finance, which will overlook activities in the non-banking finance field through EFG Hermes Leasing and Tanmeyah Microfinance. This comes in light of the Firm’s strategy to focus on two main pillars: product diversification and geographic expansion into frontier markets — which has seen the firm establish a physical presence in Pakistan, Kenya & the United States.

For further information, please visit www.efghermes.com.

© Press Release 2018