Saudi Arabia's Public Investment Fund invests in Uber
Saudi Arabia's Public Investment Fund (PIF) is investing $3.5 billion into Uber, with its Managing Director Yasir Al Rumayyan joining Uber's board.
In a statement published by CNNMoney, Al Rumayyan said: "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." said Al Rumayyan in a statement sent to CNNMoney.
The majority (around 80 percent) of Uber's customers in Saudi Arabia are women. It first launched in the Middle East in 2013, starting off in Dubai, followed by Saudi Arabia in 2014. Back in November 2015, Uber announced it would invest $250 million to expand its operations in the Middle East and North Africa region.
Read the June 2016 issue of Business Review Middle East magazine