Uber: Saudi Arabia strongly believes in the Californian app

The Saudi Arabia sovereign fund invested $ 3.5 billion in Uber, bringing in $ 11 billion for the investment reserves of the American app, now owning 5% of Uber. This is the largest investment ever made in a private company by the fund: its general director Yasir Al Rumayyan will enter the board of directors.

While in the Middle East Uber is spreading more peaceful and comprehensive way, one of the cities where it is growing most is Cairo. As the Financial Times notes, in Saudi Arabia, Uber is popular as a result of the transport needs, due to the fact that women are forbidden to drive.

"We have seen firsthand how this company has improved the urban mobility in the world and we look forward to being part of this process", Al Rumayyan said. While the Princess Reema Bandar al-Saud, who is part of the Advisory Committee of Uber, admits that at first in Saudi Arabia there was some skepticism about Uber, but says: "I think it is an investment that gives the sign of the direction in which it is moving our country, investing our money in a project that has a certain vision of the future ".