Saudi Arabian Sovereign Fund Invests $3.5 Billion into Uber
The larger technology companies like Snapchat have raised capital from sovereign wealth fund investors, while smaller technology companies struggle. Saudi Arabia’s Public Investment Fund (PIF) embarked on a milestone step in its bid to become a global institutional investor. PIF invested a whopping US$ 3.5 billion in taxi app service Uber Technologies Inc. This deal is a throwback to the days of sovereign wealth funds making sizable investments into companies versus real estate. This transaction ranks in the top #50 of sovereign wealth fund direct investments, according to data from the Sovereign Wealth Fund Transaction Database.
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