Saudi wealth fund says not considering loan for Uber stake

The Public Investment Fund isn’t considering a loan and its investment in Uber Technologies Inc.wasn’t funded by a loan or any other form of borrowing, it said in a statement Friday. People familiar with the matter said Saudi Arabia’s sovereign wealth fund is weighing a loan of as much as $3 billion for its investment in Uber. The PIF, as the fund is known, held preliminary talks with local and international banks about borrowing between $2 billion and $3 billion, the people said, asking not to be identified as the plans are private. Talks are at an early stage and the PIF hasn’t yet decided whether to proceed with the loan, the people said. The PIF is investing $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 five percent now. By Matthew Martin, Dinesh Nair and Stefania Bianchi/ Bloomberg

More from Business

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 10:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • The Agenda

    10:00am - 1:00pm

    Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.