Uber CEO: We Are Studying Partnerships in Air Transport, Self-Driving Vehicles Sectors

Uber CEO Dara Khosrowshahi. (Abdulaziz Al-Noman)
Uber CEO Dara Khosrowshahi. (Abdulaziz Al-Noman)
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Uber CEO: We Are Studying Partnerships in Air Transport, Self-Driving Vehicles Sectors

Uber CEO Dara Khosrowshahi. (Abdulaziz Al-Noman)
Uber CEO Dara Khosrowshahi. (Abdulaziz Al-Noman)

The Uber ride sharing company revealed that it was studying striking partnerships in advanced air transport, including electric vertical takeoff and landing (eVTOL) vehicles, while also nearing introducing self-driving vehicles in service soon.

Uber CEO Dara Khosrowshahi told Asharq Al-Awsat it was important to provide land and air transport solutions to benefit from this advanced technology, especially in trips that stretch over 100 miles.

Khosrowshahi was in Riyadh where he took part in meetings with government entities to disucss boosting Uber’s partnership with Saudi Arabia.

On self-driving vehicles, he said adding them to the company will not take place overnight, but he expected that they will play an important role in the transport system and Uber’s future operations.

Uber is working with several trusted partners to strike innovative strategic partnerships across the United States, he went on to say. This includes cooperating with Waymo, an American autonomous driving technology company that is a subsidiary of Alphabet, the parent company of Google.

In Saudi Arabia, Khosrowshahi said Uber was seeking to work with relevant parties in the Kingdom to allow more drivers to transition to using electric vehicles.

Here, one must address two main challenges: the cost of these vehicles and charging options, he explained.

Uber is contributing in achieving urban transport goals in Saudi Arabia by supporting public transport and boosting access to them, he added.

Uber is part of the diverse transportation ecosystem of which public transport is a backbone, he stated.

In the United Kingdom, for example, over 40 percent of Uber trips are launched from or arrive to public transport stations.

The company has also provided the option to make reservations on trains and buses through Uber, helping in increasing the use of public transport and granting users a smooth and comfortable journey, said Khosrowshahi.

Saudi Arabia is a very important market for Uber. The company launched its operations in the Kingdom in 2014, making it one of Uber’s largest markets, he revealed.

It provides services to over 800,000 passengers in 17 cities. Uber also launched a service unique to the Kingdom, Uber Reserve, that allows travelers to book their trips to and from train stations, he added.

The service was launched in cooperation with the Saudi Arabia Railways (SAR) and will help in reducing reliance on privately owned cars, he said.

The company also launched Uber X Share that encourages carpooling and bolstering sustainable transportation, all with the aim of contributing to achieving the goals of Saudi Vision 2030, he added.

Such a service will help in achieving an emissions free future in Saudi Arabia by 2060, Khosrowshahi stressed.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.