Saudi Arabia pours $3.5 billion into Uber [View all]

[oberliner]

Uber said Wednesday that it is getting a massive cash infusion from Saudi Arabia.

The oil-rich nation's sovereign investment fund is putting $3.5 billion into the global transportation company and will get a seat on Uber's board of directors.

Funding for new tech companies has been slowing in recent months amid concerns that many startups have been over-valued. But San Francisco-based Uber has been able to raise billions of dollars as it pursues ambitious plans to expand around the world.

Uber says its ride-hailing service now operates in nine countries of the Middle East, one of its fastest-growing markets. In Saudi Arabia, which does not allow women to drive, 80% of Uber passengers are women.

http://www.latimes.com/business/technology/la-fi-tn-uber-saudi-arabia-20160601-snap-story.html