Uber snags an enormous $three.5 billion funding from Saudi Arabia

Uber snags a massive $3.5 billion investment from Saudi Arabia

Carolyn Cole/Los Angeles Occasions by way of Getty Pictures

As part of its newest spherical of funding, Uber has acquired what the Monetary Occasions says is the “largest single funding ever made in a public firm.” That funding is a $three.5 billion chunk laid down by Saudi Arabia’s sovereign wealth fund, at Uber’s present valuation of $sixty two.5 billion. Uber has operated within the nation since 2014, and in a press release the managing director of the Public Funding Fund, Yasir Al Rumayyan, famous how this is part of the nation’s Imaginative and prescient 2030 plan to scale back dependence on oil-associated industries.

Rumayyan can be taking a seat on Uber’s board as part of the deal, however Uber does not have any particular enlargement plan there proper now. Additionally notable is the truth that ladies are prohibited from driving in Saudi Arabia, and Uber says they make up eighty % of its riders there — fascinating mild of of CEO Travis Kalanick’s assertion that “Our expertise in Saudi Arabia is a superb instance of how Uber can profit riders, drivers and cities and we sit up for partnering to help their financial and social reforms.”