Saudi Arabia's Public Investment Fund invests in Uber

By Bizclik Editor

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.

Follow @BusinessRevME

Read the June 2016 issue of Business Review Middle East magazine

 

 

Share
Share

Featured Articles

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy