Uber has raised $3.5 billion from Saudi Arabia’s sovereign wealth fund, the U.S. ride-hailing service said on Wednesday, gaining a crucial partner in its expansion into the Middle East.
This was the first major publicly announced investment that the fund has made.
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman reacts upon his arrival at the Elysee Palace in Paris, France, June 24, 2015. REUTERS/Charles Platiau/File Photo
The investment from the Saudi Arabian Public Investment Fund was part of Uber’s most recent financing round that valued the company at $62.5 billion, making it the most highly valued venture capital-backed company in the world.
As part of the investment, a managing director at the fund, Yasir Al Rumayyan, will take a seat on the board, the company said in a statement.
Uber has committed to investing $250 million in the Middle East, where it has grown aggressively. The company says that 80 percent of Uber riders in Saudi Arabia are women.
(REUTERS- Reporting by Heather Somerville; Editing by Tiffany Wu)
Who Is Uber?
Uber Technologies Inc. is an American multinational online transportation network company headquartered in San Francisco, California. It develops, markets and operates a mobile app, which allows consumers with smartphones to submit a trip request which is then routed to drivers who use their own cars. As of May 28, 2016, the service is available in over 66 countries and 449 cities worldwide. Since it’s launch, several other companies have copied its business model, a trend that has come to be referred to as “Uberification”
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