9 years ago

Uber Secures $3.5 Billion Investment from Saudi Arabia's PIF

  • Uber has received a $3.5 billion investment from Saudi Arabia's Public Investment Fund (PIF), making it the largest investment in the ride-hailing company to date

  • The investment brings Uber's total cash and debt balance to over $11 billion but does not increase the company's current $62.5 billion valuation

  • The investment aligns with Saudi Arabia's Vision 2030 plan to reduce dependence on oil and oil-related industries

  • Uber has been operating in Saudi Arabia since 2014 and says about 80% of all riders are female.

      • ProblemTransportation

      "Saudi Arabia is trying to reduce dependence on oil and oil-related industries and increase employment opportunities, women's participation in the workforce, and entrepreneurship. Transportation is a major issue for women in the country as they are not allowed to drive."

      Solution

      "Uber is offering on-demand rides for women, which can help them get around more easily and participate more fully in the economy."

      Covered on