Deals
Uber Receives $3.5 Billion Investment From Saudi Wealth Fund
- Funding gives Uber the same valuation of $62.5 billion
- Managing director of Saudi sovereign wealth fund joins board
Uber Turns to Middle East for $3.5B Investment
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Saudi Arabia’s sovereign wealth fund made its highest-profile deal, investing $3.5 billion in U.S. ride-share company Uber Technologies Inc. as the country seeks to diversify its assets with more overseas acquisitions.
Yasir Alrumayyan, managing director of the Public Investment Fund, will take a board seat at the San Francisco-based company after the deal, which values Uber at $62.5 billion, the company said in a statement. It’s the biggest investment in Uber to date and in line with the company’s previous valuation.