Financial Times‘ report highlights the largest single investment ever made in a public company fortifying the future of the largest taxi company that doesn’t own any car, Uber. In KSA’s Vision 2030 plan to reduce dependence on oil-related industries, the country has just laid down a gargantuan investment of $3.5 billion.
“Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers and cities and we look forward to partnering to support their economic and social reforms”, according from Uber CEO Travis Kalanick.
Uber has operated in the country since 2014, and managing director of the Public Investment Fund, Yasir Al Rumayyan will be taking a seat on Uber’s board as a part of the deal. So far, there’s no specific plans laid out yet for Uber’s service expansion on the country.
Image Credit from the ArabianPost.