Uber Raises $3.5 billion From Saudi Investment Fund
AFP- Uber announced on Wednesday that it has raised $3.5 billion from the Public Investment Fund of Saudi Arabia to help fuel global expansion plans for the ride-sharing giant.
The deal gives Uber a valuation, or implied value, of $62.5 billion, according to the company.
The deal will help Uber's global expansion, including in the Middle East and North Africa, which the company sees as one of its fastest-growing regions.
The head of the Saudi fund, Yasir Al Rumayyan, will join the Uber board, and will boost Uber's cash holdings to more than $11 billion.
"We appreciate the vote of confidence in our business as we continue to expand our global presence," Uber chief executive Travis Kalanick said in a statement.
"Our experience in Saudi Arabia is a great example of how ...