Uber raises $3.5bn from Saudi Public Investment Fund

Uber raises $3.5bn from Saudi Public Investment Fund
June 2, 2016 - 09:48 AMT

PanARMENIAN.Net - The taxi service app Uber has attracted a $3.5bn investment from Saudi Arabia's Public Investment Fund, BBC News reports.

The money will help it to expand in the Middle East, where the company says 80% of its users in Saudi Arabia are women.

Women are banned from driving themselves in the country.

The new money values the company at $62.5bn and will see a managing director at the fund, Yasir al-Rumayyan, take a seat on Uber's board.

The investment from the Public Investment Fund, set up by the kingdom to develop the country and invest the revenues from its vast oil reserves, is part of Uber's most recent global money-raising round.

Uber will invest $250m in the Middle East, where it has been expanding aggressively.

Photo: Uber
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BBC. Uber attracts $3.5bn from Saudi Public Investment Fund
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