Uber raises $3.5bn from Saudi Public Investment FundJune 2, 2016 - 09:48 AMT PanARMENIAN.Net - The taxi service app Uber has attracted a $3.5bn investment from Saudi Arabia's Public Investment Fund, BBC News reports. The money will help it to expand in the Middle East, where the company says 80% of its users in Saudi Arabia are women. Women are banned from driving themselves in the country. The new money values the company at $62.5bn and will see a managing director at the fund, Yasir al-Rumayyan, take a seat on Uber's board. The investment from the Public Investment Fund, set up by the kingdom to develop the country and invest the revenues from its vast oil reserves, is part of Uber's most recent global money-raising round. Uber will invest $250m in the Middle East, where it has been expanding aggressively. Photo: Uber Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | IDBank, Dalma team up for Caucasian Deer Reintroduction Program IDBank has joined Dalma Garden Mall’s Green Challenge to support the Caucasian red deer reintroduction project. Through Ucom’s support the 12th Sunchild Festival concludes On May 24-28, with the support of Ucom, the 12th international environmental festival Sunchild took place in Yerevan. U.S., Turkey emphasize importance of Armenia-Azerbaijan peace deal Jake Sullivan and Akif Cagatay Kilic have discussed the normalization process between Armenia and Azerbaijan. Armenia coach expects good football in Slovenia friendly The Armenian national team has left for Ljubljana a friendly match against Slovenia on June 4. |