Uber raises $3.5 bn from Saudi investment fund

[WorldNews]

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Uber announced that the Public Investment Fund of Saudi Arabia has pumped $3.5 billion into the ride-sharing giant, helping fuel its global expansion plans. Terms of the investment give what was already one of the largest venture-funded startups a valuation, or implied value, of $62.5 billion, according to the company. The deal comes as Saudi Arabia strives to diversify its economy away from reliance on oil production to include more entrepreneurship, open markets and productivity.

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