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Uber Raises $3.5 Billion From Saudi Arabia (fortune.com)

Posted by BeauHD on from the cold-hard-cash dept.

An anonymous reader writes: Ride-hailing giant Uber announced Wednesday that it had closed $3.5 billion in new funding from Saudi Arabia's Public Investment Fund in an effort to shift the country's reliance on oil revenue. Also part of the deal, Public Investment Fund managing director Yasir Al Rumayyan will join Uber's board. The funding will not affect Uber's valuation of $62.5 billion. The company has said in the past that it plans to invest $250 million in the Middle East, where it currently operates in 15 cities across nine countries. Last week, Uber formed a "strategic partnership" with Toyota to provide its drivers with more affordable car purchase and lease terms.

2 of 66 comments (clear)

  1. Re:Backwards nation that is dying by rockout · · Score: 4, Informative

    They're trying to squeeze small US and Canadian producers out of business as well as hit Russia.

    They are actually trying to squeeze Daesh,

    They're mostly trying to squeeze their mortal enemy Iran

    Interesting that these three Slashdot foreign policy experts all disagree on the Saudis' motives. It's almost as if they have no fucking idea what they're talking about.

    --
    I've learned that they're worthless, so I don't read AC comments anymore.
  2. Re:Where women aren't allowed to drive by tlhIngan · · Score: 3, Informative

    HTML fail... here;s the post again.

    I think they can drive with Burkas, but that's like driving drunk is modern countries. And if you're a drunk female Burka driver might as well drive off a cliff and get it over with.

    .

    No, they're not allowed to drive, period. They also must wear burkas when in view of the public - so the moment they step outside they must be fully dressed. Not wearing one, or driving is a crime and there have been cases tried under Shariah law.