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Uber 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 internet-based ride-hailing company. It’s also getting 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 raising billions of dollars as it pursues an ambitious plan to expand around the world.
Uber’s regional rivals are also reporting big investments. Apple recently invested $1 billion in China’s Didi Chuxing, while General Motors has put $500 million into Lyft.
This article was written by Brandon Bailey from The Associated Press and was legally licensed through the NewsCred publisher network.