Uber just got $3.5 billion from Saudi Arabia
REUTERS/Robert Galbraith
The ride-hailing service announced Wednesday that it has received a cash infusion from Saudi Arabia's Public Investment Fund, which is the main investment fund in the kingdom. This is Uber's largest investment from a single investor, and it brings Uber's total balance sheet of cash and convertible debt to more than $11 billion, the company said.
Uber CEO Travis Kalanick said in a statement that the company is partnering with Saudi Arabia to support its economic reforms as well as social reforms. Uber first began operating in the kingdom in 2014.
This investment also falls in line with Saudi Arabia's recently announced Vision 2030, the kingdom's plan to reduce its dependence on oil during the next 15 years, Uber said.
Yasir Al Rumayyan, managing director of the Public Investment Fund, will join Uber's board of directors. The deal will not cash out any of Uber's existing investors.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market