The air travel from the USA, where Uber is headquartered, to Türkiye, a country in the Middle East, is more than 6,300 miles. Interestingly, Uber has openly expressed their interests of doing more business with the Middle Eastern nation, especially today’s announcement.
Technology center
Uber announced Friday that it is investing a whopping $200 million in Türkiye to establish its fourth global technology development center. The location would be in Istanbul, the home of the Hagia Sophia.
So, what could you buy with $200 million? A lot. Financial experts are saying this is worth like a private island, a mega luxury yacht, rare diamonds, NBA team stakes, luxury apartment buildings, historic cars collections, and historic paintings.
Uber’s CEO Dara Khosrowshahi recently met at an Uber Turkey event, also attended by Turkish Industry and Technology Minister Mehmet Fatih Kacir.
This unveiling is being seen by critics as a way for Uber to escape its harsh realities. As the ridesharing app reports its third-quarter earnings the following week, it has reportedly found itself under pressure from investments to expand outside its home market, “which has matured, is oversaturated, and offers fewer growth opportunities.”
Is Uber only using Türkiye?
Valid question, but Turkey remains an attractive option for the ridesharing app since it represents a high-growth market with a rapidly growing research and development sector, not to mention a highly skilled engineering workforce.
The connection between Turkey’s workforce and Uber, as well as the rising domestic investment are also leading to this initiative.
Furthermore, Uber has been steadily expanding its presence in Türkiye, so this partnership is already on the horizon.
The planned technology center in Istanbul will join other centers of Uber in Brazil, the Netherlands, and India.
However, Uber has not yet provided a concrete timeline for the completion of the data center. Following this unveiling, Uber’s performance in the financial markets has brightened up. Wish to share your insights on this? Sign up for your account today on this Ridesharing Forum site.