Saudi's Public Investment Fund Invests $3.5 Billion in Uber

 02 Jun 2016 - 10:29

Saudi's Public Investment Fund Invests $3.5 Billion in Uber
 

Jeddah: The Saudi Arabian Public Investment Fund (PIF), the Kingdom of Saudi Arabia's long-term sovereign investment arm, on Wednesday announced that it has invested $3.5 billion in Uber.
As part of this investment, PIF will take a seat on Uber's Board of Directors, according to Saudi Press Agency (SPA).
Uber currently serves nine countries and 15 cities across the Middle East and North Africa. In Saudi Arabia, Uber serves Riyadh, Jeddah, Mecca, Medina and the Eastern Province.
Uber is a technology platform that is evolving the way the world moves. By seamlessly connecting riders to drivers through its apps, Uber makes cities more accessible, opening up more possibilities for riders and more business for drivers.
From its founding in 2009 to its launches in more than 400 cities today, Uber's rapidly expanding global presence continues to bring people and their cities closer. 

QNA