Saudi Arabia to invest £2.43bn in Uber

Six-year-old Uber the ride-hailing service, valued at £43.13bn ($62.5bn) has attracted £2.43bn ($3.5bn) investment from Saudi Arabia Sovereign Wealth fund  (Public Investment Fund), -set up by Kingdom to develop the country and invest its oil revenues, which will help to will help Uber to expand their service in Middle East where most users are women as in Saudi Arabia, women are banned from driving themselves. This marks a record largest single investment ever made in a private company.

Uber will invest £172.5m ($250m) in Middle East. Recently Volkswagen and Toyota struck partnership with Uber and Gett, an Israel based rideshare operator, a deal followed after Apple invested £0.69bn ($1bn) in China’s ridesharing service Didi Chuxing, General Motors invested £345m ($500m) in Lyft, a US rival to Uber.