Uber Regional Vehicle Solutions Manager Nadim Nagui, said that the financial leasing programme they launched in cooperation with Nacita and Enmaa is designed to operate 2,000 vehicles. The first phase begins with the provision of financing worth EGP 45m for 250 cars.
He added that they have studied a number of markets and experiences of previous countries in the activity of leasing financial vehicles before the launch of the programme and at the head of these countries South Africa, which offers a similar programme.
Nagui said that the programme has many advantages as it gives an opportunity for youth who are renting a car to work with Uber the opportunity to own their own cars, as the ownership transfers to them after three years.
The programme offers two types of cars, a manual BYD car and an automatic Chevrolet Aveo. The beneficiaries pay an insurance of EGP 15,000 for the first type and EGP 20,000 for the second type, which is returned after three years.
The initiative determined the value of the instalment at EGP 5,700 for BYD model and EGP 6,450 for the Aveo.
Uber and Nacita Autocare announced the launch of the first “Rent to Own” vehicle solutions programme in the Middle East and Africa. The programme, in partnership with the Ministry of Investment and International Cooperation, has allocated EGP 45m in funding from the Saudi Fund for Development and is the result of nearly a year’s research to find a vehicle solutions product that would fit the local market context.
It is set to create even more economic opportunities for Uber drivers in Egypt by further reducing barriers to entry and streamlining the rental process for drivers. The innovative partnership will have Enmaa offer its leasing services through Nacita. Meanwhile, Nacita will serve as a one-stop-shop for drivers, from support during the application process to the final handing over of the vehicle.
The programme is funded at a 5% interest rate and the option to own their cars after 36 months, after settling the remaining 30% of the initial vehicle cost. It also provides participants with full AXA insurance coverage and 24-hour support at 15 Nacita Autocare branches in Cairo and Alexandria.
” Egypt is currently one of Uber’s fastest growing markets in the world. Growth is capped by the lack of vehicles available in the Egyptian market especially given the high interest rates,” said Karim Abadir, CEO of Nacita Autocare.
The Rent to Own programme will be advanced by the Enmaa Ijara company and managed by Nacita AutoCare. It is currently open to Uber drivers who have completed at least 1,500 trips and who also have a very high rating from riders. Drivers will apply online and Nacita will follow through for the application, qualification, interview, approval and car delivery process.