Uber’s strong presence in the Middle East has made them richer–by $3.5 billion.
The ride-sharing juggernaut just raised $3.5 billion from Saudi Arabia’s Public Investment Fund, and it’s the largest amount of money the company has ever received from a single investor (and one of the largest investments ever given to a privately held startup). The plan is to invest around $250 million into their Middle Eastern market. While the money won’t change Uber’s current valuation, it helps them stay at the top of the game. Uber is currently the most valuable startup in the world, worth $62.5 billion.
Uber has been successfully running in Saudi Arabia since 2014, partially due to the driving restrictions against women (it’s against the law). Around 80 percent of their Saudi clientele are female, and they boast 395,000 active riders in the region, along with 19,000 drivers. While they are focused on changing the driving climate in the entire Middle East, the company specifically wants to work with the Saudi kingdom to better the country’s economy and rid them of their oil dependence. The kingdom sees ride-sharing as the perfect way to achieve their goals and make the entire Middle East more reliant on carpooling and oil-saving initiatives.
Along with the cash came a new board member: Yasir Al Rumayyan, the managing director for the Public Investment Fund. Al Rumayyan sees Uber as a positive force in the area, and he is looking forward to working directly with them.
“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,” he told CNN Money.
Uber currently operates in nine countries and 15 cities in the Middle East/North Africa region.
