Saudi Arabia invests $3.5bn in Uber
Uber has received a $3.5bn investment from Saudi Arabia’s Public Investment Fund. The funding will reportedly lift the company’s market value to $62.5bn. As part of the investment, a managing director at the Saudi fund, Yasir Al Rumayyan, will take a seat on Uber’s board.
Uber has been operating in Saudi Arabia since early 2014 and is planning to use part of the new funding to ramp up its Middle East presence.