Uber, a San Francisco, CA-based mobile cab hailing service, received a $3.5 billion investment.
Saudi Arabia’s Public Investment Fund (PIF) invested in the company as a part of a $5 billion round valuing it at $62.5 billion. In conjunction with the investment, PIF managing director Yasir Al Rumayyan will join Uber’s board of directors.
The company is using the funds to expand in the Middle East.
Founded in 2009 by CEO Travis Kalanick and Garrett Camp, Uber connects riders to black cab drivers through an app in over 460 cities globally.
For Saudi Arabia, the investment aligns with the “Vision 2030” strategy, the country’s recently announced plan to reduce dependence on oil and oil-related industries.
FinSMEs
02/06/2016