General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSaudi Arabia pours $3.5 billion into Uber
Uber said Wednesday that 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 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.
Uber says its ride-hailing service now operates in nine countries of the Middle East, one of its fastest-growing markets. In Saudi Arabia, which does not allow women to drive, 80% of Uber passengers are women.
http://www.latimes.com/business/technology/la-fi-tn-uber-saudi-arabia-20160601-snap-story.html
smirkymonkey
(63,221 posts)How does that work over there?
oberliner
(58,724 posts)This is from another article on the subject:
http://www.fastcompany.com/3048461/app-economy/how-uber-is-changing-life-for-women-in-saudi-arabia