Saudi Arabia: Uber raises $3.5 billion from Saudi Arabia’s Public Investment Fund
Mike Isaac and Michael J. de la Merced, writing for NY Times;
Uber said on Wednesday that it had raised $3.5 billion from Saudi Arabia’s Public Investment Fund, the kingdom’s main investment fund, in one of the largest-ever investments into a privately held start-up.
The money was part of the ride-hailing giant’s most recent financing round and continued to value Uber at $62.5 billion. The investment, which was months in the making, does not cash out any of Uber’s existing investors.
It's interesting that instead of investing in Careem, a Middle East-based ride-hailing startup, Public Investment Fund chooses to invest in Uber.