Assessing Saudi Arabia's stake in Uber

Uber has accepted a staggering $3.5 billion cash infusion from Saudi Arabia's sovereign wealth fund

Uber is partnering with Saudi Arabia.
(Image credit: FAYEZ NURELDINE/AFP/Getty Images)

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"In its quest to build a global empire," Uber is turning to a Middle Eastern monarchy for help, said Mike Isaac and Michael J. de la Merced at The New York Times. The ride-hailing juggernaut announced last week that it has accepted a staggering $3.5 billion cash infusion from Saudi Arabia's sovereign wealth fund — the largest investment ever made in a private company. The money will help fuel Uber's expansion in the fast-growing Middle Eastern ride-sharing market. Uber currently has some 395,000 riders in the Middle East, up fivefold from last year, and 19,000 drivers. For Saudi Arabia, which rarely makes venture capital investments, the stake will diversify its economy "away from oil."

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