THE Saudi Arabian Public Investment Fund (PIF), the Kingdom of Saudi Arabia’s long-term sovereign investment arm, and Uber today announced that PIF has invested $3.5 billion in Uber.
The investment, part of Uber’s Series G fundraising round, is one of PIF’s single largest international transactions to date and the first since Saudi Arabia announced Vision 2030, the overarching plan for diversifying the Kingdom’s economy. As part of this investment, PIF will take a seat on Uber’s Board of Directors.
“The Saudi Arabian Public Investment Fund is excited to have completed this important strategic investment with Uber, an extraordinary company with an inspiring mission.
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 Yasir Al Rumayyan, Managing Director of PIF.
He added, “As the Kingdom of Saudi Arabia’s sovereign investment arm, we’re focused on achieving attractive long-term financial returns from our investments, while supporting Saudi Arabia’s Vision 2030, the blueprint for diversifying our economy away from oil. This ambitious and far-reaching plan presents a number of goals, including unlocking strategic sectors such as tourism and entertainment, boosting employment opportunities and women’s participation in the workforce, and encouraging entrepreneurship.”
“We appreciate the vote of confidence in our business as we continue to expand our global presence. Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers and cities and we look forward to partnering with the Kingdom to support their economic and social reforms,” said Travis Kalanick, CEO and co-founder of Uber.
Uber currently serves nine countries and 15 cities across the Middle East and North Africa. In Saudi Arabia, Uber serves Riyadh, Jeddah, Makkah, Madinah and the Eastern Province.
Uber announced in San Francisco that the investment would help fuel its global expansion plans.
Terms of the investment give what was already one of the largest venture-funded startups a valuation, or implied value, of $62.5 billion, according to the company.
The new funding also helps Uber’s global expansion, including in the Middle East and North Africa, which the company see as among its fastest-growing regions. According to Uber, the company is committed to investing $250 million in the region, which includes Egypt, Saudi Arabia, United Arab Emirates, Israel, Jordan, Lebanon, Bahrain, Qatar and Morocco.
In Saudi Arabia, around 80 percent of Uber’s riders are women, the company said, explaining that the service can help improve mobility for women.
