Uber raises $3.5b from Saudi Arabia's sovereign wealth fund

Uber raises $3.5b from Saudi Arabia's sovereign wealth fund

A user scans for an available vehicle using the Uber app on an Apple Inc. iPhone 5 smartphone in this arranged photograph in London, U.K., on Friday, May 30, 2014. Photographer: Chris Ratcliffe/Bloomberg

Uber has raised $3.5 billion from Saudi Arabia’s sovereign wealth fund, the U.S. ride-hailing service said on Wednesday, gaining a crucial partner in its expansion into the Middle East.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter