Uber gets $3.5 billion investment from Saudi Arabia

Ride-hailing giant Uber announced Wednesday it had secured a $3.5 billion (3.1 billion euro) investment from Saudi Arabia’s sovereign investment fund to help finance its global expansion plans, especially in the Middle East and North Africa.

The deal boosts Uber’s cash holdings to more than $11 billion and gives Uber a valuation, or implied value, of $62.5 billion. The deal also calls for the head of the Public Investment Fund of Saudi Arabia, Yasir Al Rumayyan, to join the Uber board.

Oh oh… here come the “diversity” hiring requirements….