Uber raises US$3.5b from Saudi Arabia investment fund
New funding helps ride-sharing giant fuel its global expansion plans
Add BT as a preferred sourceSan Francisco
UBER announced on Wednesday that the Public Investment Fund of Saudi Arabia has pumped US$3.5 billion into the ride-sharing giant, helping fuel its global expansion plans. Terms of the investment give what was already one of the largest venture-funded startups a valuation, or implied value, of US$62.5 billion, according to the company.
The deal comes as Saudi Arabia strives to diversify its economy away from reliance on oil production to include more entrepreneurship, open markets and productivity. The new funding also helps Uber's global expansion, including in the Middle East and North Africa, which the company sees as among its fastest-growing regions.
TRENDING NOW
SIA sinks into the red with S$76 million Q1 loss as fuel costs jump
15-month wait-out curb lifted for private property owners buying HDB resale flats
ABSD deadline extended to up to 7 years for developers of large en bloc sites to encourage reuse of land
A ‘shadow bank’ hiding in Singapore’s Little India casts light on financial services gap
