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Uber Picks Up $3.5 Billion from Saudi Arabia
Saudi Arabia’s sovereign investment fund has agreed to spend $3.5 billion on ride-hailing service provider Uber Technologies Inc.
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Saudi Arabia’s sovereign investment fund has agreed to spend $3.5 billion on ride-hailing service provider Uber Technologies Inc.
The investment by the country’s Public Investment Fund is Uber's largest to date from a single source. The money is part of a new round of financing that values the 7-year-old company at $62.5 billion. The company has raised more than $14 billion to date.
The company operates in dozens of countries, including nine in the Middle East. In Saudi Arabia, about 80% of Uber’s customers are women, who aren’t allowed to drive themselves. The sovereign fund describes its investment as part of the country’s Vision 2030 plant to diversify its economy away from oil.
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