Uber said on Wednesday [01-Jun-2016] that it had raised additional funding from Saudi Arabia’s Public Investment Fund, the kingdom’s main investment fund. This is in keeping with the company's quest to build a global empire and its biggest infusion of cash from a single investor.
collected by Uber from investors since its inception. The company has redefined private fund-raising, drawing hundreds of millions in new cash at a rapid pace of once every six months or so, to fuel its operations globally.
Uber's valuation - the recent funding only re-affirmed this.
Number of cities in more than 69 countries that Uber has a presence. It has been spending not only to expand but also to defend its territory against incumbents in regions like Southeast Asia and Europe. China, in particular, is a difficult battleground, as Uber is spending millions in a subsidy war with Didi Chuxing, the dominant ride-hailing start-up in the country.
The amount Uber plans to invest in the Middle East which is increasingly an important overseas markets. It has rolled out its service in 15 cities and nine countries in the region, including Saudi Arabia.
active riders in the Middle East, up fivefold from a year ago, and 19,000 drivers.
Roughly, Uber’s riders in Saudi Arabia that are women, according to the company. It has sought to aid the kingdom’s Vision 2030 plan, which includes more than doubling the number of women in the overall work force by 2030, to 30 percent.