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Saudi sovereign fund said to weigh loan of up to US$3b for Uber

Mimi Sabreena 4:52:00 PM Malay Mail Online | All, Mukah Pages

The highest-profile overseas investment to date for the Saudi fund is also the biggest investment in Uber to date. — Reuters file pic DUBAI, June 4 — Saudi Arabia’s sovereign wealth fund is weighing a loan of as much as US$3 billion (RM12.2 billion) for its investment in Uber Technologies Inc., people with knowledge of the matter said.

The Public Investment Fund has held preliminary talks with local and international banks about borrowing between US$2 billion and US$3 billion, the people said, asking not to be identified as the plans are private. Talks are at an early stage and the PIF, as the Saudi fund is known, hasn’t yet decided whether to proceed with the loan, the people said.

The PIF said in a statement yesterday that it’s not considering a loan and its investment in Uber wasn’t funded by a loan or any other form of borrowing.

The PIF is investing US$3.5 billion in the ride-sharing service in its highest-profile overseas investment to date. The deal, announced on Wednesday, gives fund managing director Yasir Alrumayyan a board seat at the San Francisco-based company and is also the biggest investment in Uber to date. The fund aims to boost its share of overseas holdings to about half by 2020, from 5 per cent now. — Bloomberg

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