Uber Raises 3.5 Billion Dollars Investment from Saudi Arabia, the biggest investment from Saudi Arabia’s Public Investment Fund. The Public Investment Fund is Saudi Arabia’s main investment fund. As part of the deal, Yasir Al Rumayyan, who oversees the fund, will gain a seat on Uber’s board.
Uber Raises 3.5 Billion Dollars Investment from Saudi Arabia
David Plouffe, an Uber board member, traveled to the Middle East in March and was invited by the Saudi fund for a briefing. As a result, Uber got success to gain the investment from Saudi Arabia.
“We appreciate the vote of confidence in our business as we continue to expand our global presence,”
Travis Kalanick, one of Uber’s founders and its chief executive, said in a statement.
“Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers and cities and we look forward to partnering to support their economic and social reforms.”
This investment is actually good for Saudi women because there women are not allowed to drive. The argument will improve the mobility, particularly when women will have to get to work or school.
Uber claimed to have 395,000 active riders in the Middle East and North Africa as of the first quarter of 2016, up 500% from the same period a year prior. Moreover it also has 19,000 active drivers with a 400% increase as compared to the last year. Uber also claimed that it has 450,000 active drivers in the US, and 1.1 million globally.
Uber Technologies Inc. is an American multinational online transportation network company headquartered in San Francisco,California. It develops, markets and operates the Uber mobile app, which allows consumers with smartphones to submit a trip request which is then routed to Uber drivers who use their own cars. Recently they have also launched their services in Pakistan initially in Lahore and after few months Uber will also be launched in Islamabad and Karachi.