Uber Confirms $500m investment in Pakistan
[13 May 2017, Lahore]: Uber is committing US$500m investment to growing its operations in Pakistan. This financial backing is supported and accelerated by the arrival of Uber’s Head of Europe, Middle East and Africa, Pierre-Dimitri Gore-Coty this week.
The Uber team and Gore-Coty met with the Chairman Federal Board of Investment Dr. Miftah Ismail, on Thursday in Islamabad to discuss expansion of Uber in Pakistan and to reinforce the company’s dedication to the market through their additional investment of $500m by 2020.
Talking about Uber’s investment plans for Pakistan, Gore-Coty said, “We will continue to work closely with the government as Pakistanis benefit from reliable, affordable and safe transportation like Uber. We are committed to not only providing the best solution of convenient reliable transport but also want to contribute to the economy of Pakistan by creating thousands of work opportunities and overall economic empowerment for the people and state of Pakistan. Pakistan is a key market for Uber which is why we are channeling significant investment to the country.”
Pakistan continues to be a thriving, high-growth market for the company. Uber is operational in five cities across the country – Karachi, Lahore, Islamabad, Rawalpindi and Hyderabad. Tens of thousands of drivers use the app, which directly translates into the economic opportunities required to address unemployment. The additional investment will assist in growing the driver partner network, expanding in more cities, creating more economic opportunities, and the enhancement of Uber’s customer services program.
Dr. Ismail, Chairman Federal Board of Investment commented, “We are pleased to meet Uber’s management and welcome their proposal for significant investment that aims to create over 250,000 economic opportunities for Pakistanis. Pakistan has a strong economy and a rising middle class that can benefit tremendously from Uber’s innovative technology. Since March 2016, Uber has been operating in Pakistan, providing affordable and reliable transportation while creating tens of thousands of economic opportunities for Pakistanis”.
Riders in Pakistan currently have three options available to them: UberGO, UberX and UberAUTO. This ensures that riders in Pakistan have multiple options at different price points, which generates a wider breadth of economic opportunities for driver-partners.
A positive regulatory framework would allow us to create economic opportunities for over 250,000 Pakistanis. In addition to partnering with government on regulation, Uber will also work with organizations to provide ongoing training through initiatives such as the partnership with Punjab Skills Development Fund (PSDF).
During his visit to Lahore, Gore-Coty also signed an MoU with PSDF cementing a partnership to provide training and economic opportunities to underprivileged youth in Punjab.
Gore-Coty concludes, “Uber has been committed to growing its footprint in Pakistan since its launch last year, creating thousands of economic opportunities in the process. This latest investment, as well as other MoUs we have signed recently, illustrates that Uber is dedicated to expanding into Pakistan in a way that is relevant and beneficial to the local economy. I look forward to continuing to work with the government, business and local driver-partners to grow Uber to have an ongoing, positive and sustainable impact in Pakistan”