Saudi Arabian Public Investment Fund Invests $3.5 Billion in Uber

الخميس 1437/8/26 هـ الموافق 2016/06/02 م واس
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SAN FRANCISCO/RIYADH, Sha'ban 26, 1437, June 02, 2016, SPA -- The Saudi Arabian Public Investment Fund (PIF), the Kingdom of Saudi Arabia’s long-term sovereign investment arm, and Uber today announced that PIF has invested $3.5 billion in Uber.
The investment, part of Uber’s Series G fundraising round, is one of PIF’s single largest international transactions to date and the first since the Kingdom of Saudi Arabia announced Vision 2030, the overarching plan for diversifying the Kingdom’s economy. As part of this investment, PIF will take a seat on Uber’s Board of Directors.
“Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers and cities. We appreciate the vote of confidence in our business and look forward to partnering with the Kingdom to support their economic and social reforms,” said Travis Kalanick, CEO and co-founder of Uber.
Kalanick added: “We appreciate the vote of confidence in our business as we continue to expand our global presence. Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers and cities and we look forward to partnering with the Kingdom to support their economic and social reforms.”
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.
--SPA
01:49 LOCAL TIME 22:49 GMT