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Thu 24 Oct 2019 11:11 AM

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Uber tight-lipped on Kuwait entry speculation

Reports this week suggested the ride hailing app is preparing to launch in Kuwait

Uber tight-lipped on Kuwait entry speculation

Reports claimed feasibility studies were being conducted by Uber.

Uber has refused to comment on reports it is looking to enter into Kuwait.

It had been suggested this week that the company had contacted several authorities in Kuwait informing them of its intention to start operations in the country.

Reports claimed feasibility studies were being conducted by the ride hailing firm, Al-Qabas daily reported.

Its subsidiary Careem already operates in Kuwait with a roaming taxi licence.

However, following enquiries from Arabian Business, a spokesperson said Uber's entry into Kuwait “is not something Uber is in a position to comment on at this time”.

The head of Uber said on Tuesday this week that the global ride services firm was counting on India, Africa and the Middle East for future growth amid investor fears about mounting losses and a slump in its share price.

Uber has exited several markets - including China and Southeast Asia - to pare back losses, and is in fierce competition with rival Ola in India, a market estimated to be worth $7 billion a year.

Since its public offering in May, Uber's share price has tumbled some 30 percent, while the company lost $5.2bn in the second quarter.

"India is a fundamental part of Uber's growth going forward... it's a top 10 market for us," chief executive Dara Khosrowshahi told reporters in New Delhi.

"The profitability characteristics of our business here are improving. If I look at Uber's growth over the next 10 years, it's... going to be defined by India, Africa and the Middle East, more so than the developed markets."

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