Uber has received $ 3.5 billion from the sovereign fund of Saudi Arabia, said on Wednesday the American service, thereby obtaining a very important partner for expansion in the Middle East.
The investments of the Saudi Public Investment Fund became a part of the recent placement of Uber securities, during which the company was estimated at $ 62.5 billion. This makes it the most highest priced company with venture capital in the world.
In a written statement, the executive director of the company and its co-founder Travis Kalanick called the investment "a sign of confidence in our business."
In addition, the Managing Director of the Saudi Fund, Yasser al Rumayan, will take a position in the Uber's board of directors, the company said. Among the other members of the council - the main partner of Benchmark Capital, Bill Gurley, and co-founder of the edition Huffington Post, Arianna Huffington.
According to Uber, through the Saudi investment, the company's total balance sheet, including cash and debt, will exceed $ 11 billion.
Uber has promised to invest $ 250 million in business development in the Middle East and Africa, where the company has grown to staggering pace and now operates in nine countries and 15 cities in the region. However, as in other regions, which include China and India, in the Middle East Uber competes with local start-ups, such as a Careem, which operates in 20 cities in the region.
In the first quarter of this year Uber had more than 395 000 active users of the service in the region, which is five times more than in the first quarter of 2015, and 19 000 active drivers - four times as much in annual terms.
Uber said that is present in Saudi Arabia since the beginning of 2014, and about 80 % of the 130 000 users of its services are women.