FIRST AIRED: June 2, 2016

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program

Business

Saudi Arabia pumps $3.5B into Uber

Opening sequence

Opening sequence

Business

Saudi Arabia pumps $3.5B into Uber

0:00
17:12
More Info

COMING UP:Saudi Arabia pumps $3.5B into Uber

×

Transcript

00:00:01
>> Uber announcing on Wednesday it scored a $3.5 billion investment from Saudi Arabia, a crucial partner as the disruptor expands into the Middle East. Reuters tech correspondent Heather Somerville covers Uber.>> Three and a half billion is a lot of money. It's even a lot of money for a company like Uber that has broken all kinds of records in fundraising, raising 1 billion, $2 billion rounds.
00:00:25
It's a lot. It is a bit of a surprise that it comes from the Saudis, but when you look at one of the places where Uber is focusing a lot of attention and money at growth, it's definitely the Middle East.>> As in other parts of the world, Uber's competing with local ride sharing startups in the Middle East but Somerville says the huge cash infusion gives Uber a big leg up.
00:00:48
>> The opportunity in the Middle East does seem to pale compared to that in China and India, where there's a lot more people and a lot more traffic problems. But there are also fewer solutions in that area of the world. There is one or two other local competitors to Uber, but they're much smaller and they have a slightly different business model, so I think that it's just open territory for Uber.
00:01:12
>> The investment from the Saudi Arabian Public Investment Fund is part of Uber's most recent financing round, that valued the company at $62.5 billion, making it the most highly valued venture capital-backed company in the world.