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

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.

Comments

Where women aren't allowed to drive

[rossdee]

FP?

Re:Backwards nation that is dying

[Rei]

Of course, the price of oil is in the tank largely because they want it to be. They're trying to squeeze small US and Canadian producers out of business as well as hit Russia.

Re:Backwards nation that is dying

[AaronW]

They're mostly trying to squeeze their mortal enemy Iran after the lifting of sanctions. They see little downside in the long term since it hurts the other oil producers as well. SA doesn't particularly like Russia especially after they invaded Afghanistan (SA encouraged people to wage jihad against the Soviet invaders and helped create the Taliban).

I'm hoping that with less income will help curtail SA's influence on Islam from their puritanical Wahhabism which has encouraged a lot of violence. Their madrases funded by oil money have pushed their puritanical views far and wide throughout the islamic world.