--
 
WATCH: Bentley's new 467kW Continental GT

The new third-gen Bentley Continental GT boasts 467kW, 900Nm and a top speed of 333km/h.

Meet VW's SA-bound baby SUV, the T-Cross

A disguised prototype of the T-Cross, VW's new baby crossover SUV, is being tested on public roads.

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.

NEXT ON WHEELS24X

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