App-enabled cab company Uber announced today that it has raised $3.5 billion from Public Investment Fund (PIF), which is the investing arm of the Saudi Arabian kingdom.
The new investment is the largest to date for the ridesharing giant and brings the total balance of both cash and debt to about $11 billion. The latest investment doesn’t increase the company’s current $62.5 billion value.
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Uber dominates the ridesharing service in U.S. market and continues to go on global expansion. In the Middle East Uber penatreted astern countries such as Egypt and the United Arab Emirates and partners with those country’s government entities to hire and educate drivers. According to the company, there are more than 395, 000 active riders in the region.
Since Uber has been operating in the country since 2014, it sees about 80 percent of all riders are female. Saudi Arabia believes Uber’s on-demand rides is the best solution for women.
“The Saudi Arabian Public Investment Fund is excited to have completed this important strategic investment with Uber, an extraordinary company with an inspiring mission, ” Yasir Al Rumayyan, the Saudi Arabian Public Investment Fund’s managing director, said in a statement. “We’ve seen first-hand how this company has improved urban mobility around the world and we’re looking forward to being part of that progress.”
“As the Kingdom of Saudi Arabia’s sovereign investment arm, we’re focused on achieving attractive long-term financial returns from our investments, while supporting Saudi Arabia’s Vision 2030, the blueprint for diversifying our economy away from oil. This ambitious and far-reaching plan presents a number of goals, including unlocking strategic sectors such as tourism and entertainment, boosting employment opportunities and women’s participation in the workforce, and encouraging entrepreneurship.”
