Saudi Arabia Invests $3.5 Billion in Uber International C.V.

Advertisement

Saudi Arabia has invested $3.5 billion in Uber in a recent round of fundraising.

Saudi Arabia, UberThe new batch of funding comes from Saudi Arabia’s Public Investment Fund (PIF). Uber is adding Yasir Al Rumayyan, the PIF’s managing director, to its company’s board as part of the deal. The company had plans to invest $250 million in the Middle East.

The $3.5 billion investment from the PIF is also part of Saudi Arabia’s plan to reduce its reliance on oil revenue by 2030. The investment will also help Uber compete against other ride-hailing services in the region, reports Fortune.

Saudi Arabia may also be hoping to quell political pressure to allow women drivers in the country by investing in Uber. 80% of the company’s customers in the country are women and this could be its solution to mobility complaints from female citizens, Forbes notes.

More From InvestorPlace:


Article printed from InvestorPlace Media, https://investorplace.com/2016/06/saudi-arabia-uber/.

©2024 InvestorPlace Media, LLC