Useful Guidance On Real-world Secrets In Latest News From The World Of Business
The money will help the ride-hailing service to expand in the Middle East, where the company says 80% of its Saudi Arabian users are women. Women are banned from driving themselves in the country. The new funding values Uber at $62.5bn and will put one of the fund's managing directors, Yasir al-Rumayyan, on the board. The investment from the Public Investment Fund, set up by the kingdom to develop the country and invest its oil revenues, was part of Uber's most recent fundraising round. Uber will invest $250m in the Middle East, where it has been expanding aggressively. EC warning So-called ride-hailing apps, whereby vetted drivers pick up paying passengers, are expanding rapidly around the world, despite certain cities banning the services amid fears over the standards and licensing of drivers. The European Commission on Thursday warned against restrictions on "sharing economy" services such as Uber and Airbnb. "Absolute bans and quantitative restrictions should only be used as a measure of last resort," it said. Any restrictions by EU members on these online services should be proportionate to the public interest, the Commission added. Image copyright Getty Images Ride-hailing apps have attracted significant cash injections from a range of investors. Carmakers Toyota and Volkswagen recently struck separate partnerships with Uber and Gett, an Israel-based rideshare operator.