Saudi Arabian fund invests $3.5 billion in Uber


The Saudi Arabian Public Investment Fund said that its investment in Uber is because of the will of the government to diversify its economy away from oil by 2030 and to incorporate more women in the workplace.

Uber, the well-known US based online transportation network company received its largest ever cash influx by the public investment fund of Saudi Arabia

The Public Investment Fund of Saudi Arabia invested $3.5 billion in Uber, the well-known US based online transportation network company.

This was the largest ever cash flow the US multinational has ever received by a single investor, the company said in a statement. The investment valued Uber at $62.5 billion, the same amount as its previous valuation, and Yasir Al Rumayyan, the managing director of Saudi Arabia’s sovereign wealth fund, will take a board seat at Silicon Valley’s most valuable...

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