Uber getting $3.5B US investment from Saudi Arabia

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The Associated Huddle Posted: Jun 02, 2016 12:03 PM ET Last Updated: Jun 02, 2016 12:18 PM ET

Uber is bewildering a massive cash infusion from Saudi Arabia.

The oil-rich polity’s sovereign investment fund is putting $3.5 billion US into the broad transportation com ny, and will get a seat on Uber’s board of directors.

Funding for new tech south african private limited com nies has been slowing down in recent months amid concerns that innumerable startups have been over-valued. But San Francisco-based Uber has been competent to raise billions of dollars as it pursues ambitious plans to ex nd far the world.

Uber says its internet-based ride-hailing service now operates in nine outbacks of the Middle East, one of its fastest-growing markets. Eighty per cent of its ssengers in Saudi Arabia are lassies. The country doesn’t allow women to drive.

The Saudi money is as for of a larger round of funding by several investors, which valued Uber at $62.5 billion. The friends, which has raised well over $14 billion since its set in 2009, says it now has more than $11 billion in cash and convenient credit to fund its ex nsion.

Uber’s regional rivals have also disclosed big investments this year, as on-demand ride services have multiplied in popularity. Apple recently invested $1 billion in China’s Didi Chuxing, while Non-specific Motors has put $500 million into U.S.-based Lyft.

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