{"id":606528,"date":"2023-09-18T00:00:00","date_gmt":"2023-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/18\/heres-whats-happening-with-uber\/"},"modified":"2023-09-18T00:00:00","modified_gmt":"2023-09-18T00:00:00","slug":"heres-whats-happening-with-uber","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/18\/heres-whats-happening-with-uber\/","title":{"rendered":"Here\u2019s what\u2019s happening with Uber"},"content":{"rendered":"

<\/a> IT\u2019S TODAY- <\/strong> The Enterprise Finance Forum kicks off in just a few hours <\/strong>at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech \u2014 and of their clients.<\/p>\n

We\u2019re starting the event at 8:00am with a standing networking breakfast<\/strong>, with the opening panels starting at 9:00am. Panel discussions will end at 1:20pm both days. <\/p>\n

We are very grateful for the interest we\u2019ve seen from many of you <\/strong> and are looking forward to meeting those attending. <\/p>\n

** For those of you joining us, please remember to bring the personal QR code <\/strong> you received yesterday on both days to ensure access to the venue. <\/p>\n

There will be plenty of parking available<\/strong>.<\/p>\n

Tap or click here to view the FULL AGENDA with SPEAKERS.<\/a><\/strong><\/p>\n

** We are honored to count some of the region\u2019s most important financial institutions as our partners for this special event. <\/strong> The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FABMISR, HSBC, Mashreq, Banque du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.<\/p>\n

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<\/a> FACT CHECK- Uber isn\u2019t charging us in FX and it hasn\u2019t closed its bank accounts in <\/strong> Egypt. <\/strong> Uber said yesterday that a technical glitch led to customers in Egypt being charged additional fees and said that customers will continue to be charged in EGP. This came in response to a flood of reports that the ride-hailing giant had treated card payments as foreign-currency transactions, leading to banks charging additional fees. Rumors on social media alleged that the company had closed its bank accounts in Egypt.<\/p>\n

We speak from experience: <\/strong>A number of us have been hit with foreign exchange fees on credit card transactions for rides taken right here in Omm El Donia that appear to have been invoiced from the firm\u2019s Lagos office.<\/p>\n

Remember: <\/strong>Most of us with local bank accounts are facing higher fees on foreign transactions<\/a> \u2014 as well as lower monthly foreign transaction limits \u2014 amid the country\u2019s ongoing FX crunch. <\/p>\n

Compensation will be on the way: <\/strong> In the statement, the company pledged to refund to customers any additional fees charged on their rides \u201cas soon as possible.\u201d Masrawy<\/a> and Al Mal<\/a> have more.<\/p>\n

WATCH THIS SPACE- <\/strong><\/p>\n

<\/a> Has the IMF\u2019s review been delayed (again) to 1Q 2024? <\/strong>Yasser Omar, deputy chair of the House Planning and Budget Committee, has denied<\/a> giving comment to the media, which reported yesterday<\/a> that the IMF\u2019s anticipated review of our loan program could be delayed to 1Q 2024. \u201cThe initial review by IMF experts this month will not proceed due to the government\u2019s delay in fulfilling some of the commitments it made with the IMF under the recent agreement,\u201d Asharq Alawsat quoted the MP as saying. <\/p>\n

Remember: <\/strong> An IMF team was expected to arrive in Egypt earlier this month<\/a> to conduct the first review of the USD 3 bn program. The first of the review has been postponed since March after authorities didn\u2019t meet several key conditions of the financing, including moving to a fully flexible exchange rate.<\/p>\n

This isn\u2019t the first we\u2019ve heard of a delay: <\/strong> Earlier this month, Asharq Business quoted an unnamed government official as saying the review could be pushed until the end of the year<\/a>.<\/p>\n

HAPPENING THIS WEEK- <\/strong><\/p>\n

<\/a> The Al Ezz Dekheila share buyback starts tomorrow: <\/strong>Steel maker Ezz Dekheila Steel will invite shareholders objecting to its delisting decision to sell their shares back to the company starting from tomorrow, 19 September, it said in a statement (pdf)<\/a> yesterday. The company is offering to buy the shares at EGP 1,250 apiece, a 4% premium on the current share price. Shareholders have until next Monday, 25 September, to make a decision.<\/p>\n

Remember: <\/strong>Al Ezz Dekheila announced plans in July<\/a> to delist from the exchange in the wake of its agreement to buy back the government\u2019s 31% stake<\/a> in the company. <\/p>\n

Conference season gets well underway this week<\/strong>, with several several events opening their doors in the capital and beyond:<\/p>\n