New Sasol GTC cars set for thrills

The iconic Grand Prix Circuit will present a new challenge to the GTC drivers as they tackle the country’s fastest racetrack on June 16.

Suzuki’s new Swift hatch and sedan in SA

Suzuki kicks off its new model assault with an all new Swift hatchback and standalone sedan called the Dzire.

Saudi Arabia to invest $3.5-billion into Uber

2016-06-02 10:46

BIG INVESTMENT: Uber is in line to receive an investment of $3.5-billion from Saudi Arabia. Image: iStock

San Francisco - Uber said Wednesday 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 down 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.

Large sums of investments

Uber says its internet-based ride-hailing service now operates in nine countries of the Middle East, one of its fastest-growing markets. 80% of its passengers in Saudi Arabia are women. The country doesn't allow women to drive.

The Saudi money is part of a larger round of funding by several investors, which valued Uber at $62.5-billion. The company, which has raised well over $14-billion since its founding in 2009, says it now has more than $11-billion in cash and available credit to fund its expansion.

READ: Volkswagen invests R4.7-billion into Uber rival Gett

Uber's regional rivals have also reported big investments this year, as on-demand ride services have grown in popularity. Apple recently invested $1-billion in China's Didi Chuxing, while General Motors has put $500-million into US-based Lyft.


There are new stories on the homepage. Click here to see them.