The Saudi Arabian royal government’s investment arm announced Wednesday that it is investing $3.5bn in
Uber, one of the largest investments in a private technology company ever.
It’s an ironic investment for
Uber, given that the country is the only one in the world to ban women from driving.
In exchange for the massive check, Yasir Al Rumayya, managing director of the Saudi public investment fund, will join Uber’s board, giving the Middle Eastern government a voice in one of Silicon Valley’s hottest firms. Uber plans to use the money to continue its international expansion in the region and elsewhere.
The company remains valued at $62.5bn, more than the market capitalization of FedEx, General Motors and Ford Motor Co each.
Partnering with the Saudi government has long produced complicated relationships for American firms. Despite some recent reforms, the country continues to be accused of mistreating dissidents, discriminating against women and an unfair criminal justice system, according to
Human Rights watch. All Uber drivers there are, by law, men.