Thursday October 1, 2020

Saudi fund to inject $3.5 billion into Uber

Move part of country's attempt to diversify investments

2nd June, 2016
Uber Ireland manager Kieran Harte

Lift-sharing app Uber has received its biggest investment to date, raising $3.5 billion from the Public Investment Fund of Saudi Arabia.

The investment valued Uber at $62.5 billion, the same amount as its previous valuation, the company said. Yasir Al Rumayyan, the managing director of Saudi Arabia’s sovereign wealth fund, will take a seat on the company's board.

Saudi Arabia has been looking for ways to diversify its investments outside of the oil industry. Lyft,...

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