Jun
01
Uber Turns to Saudi Arabia for $3.5 Billion Cash Infusion
By
Travis Kalanick, chief executive of Uber, views the Middle East as an increasingly important overseas market.CreditIoulex
SAN FRANCISCO — In its quest to build a global empire, Uber has turned to the Middle East for its biggest infusion of cash from a single investor.
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…
Uber Turns to Saudi Arabia for $3.5 Billion Cash Infusion
