Saudi investment fund pours money into Uber
Controversial taxi app Uber have raised $3.5 billion of investment from Saudi Arabia’s Public Investment Fund, bringing the company’s value up to $62.5 billion.
In a written statement, Uber co-founder Travis Kalanick labelled the investment a “vote of confidence in our business”, with the fund’s managing director Yasir Al Rumayyan taking a seat on Uber’s board.
Uber are planning a $250 million expansion into the Middle East, where it has a strong female market – women in Saudi Arabia are banned from driving themselves.
French PM to encourage investment in Greece
French Prime Minister Manuel Valls wants to support Greece’s economic recovery through investment, as he begins an official state visit to Athens.
In an interview with Kathimerini newspaper he confirmed that the leadership is “urging more French businesses to look into investment prospects because we want to assist Greece’s economic recovery.”
Paris has been supportive of Greece throughout heated bailout talks, saying that “the place of Greece is inside the European Union and the euro zone”.
Valls visit comes just days after a further bailout agreement was reached between Greece and the Eurozone.
OPEC stage meeting for Saudi-Iran resolution
OPEC energy ministers will meet later today in Vienna to continue the discussion on oil prices, with the intention of freezing output.
The group have failed to agree on formal output targets in December, with rivals Saudi and Iran clashing over numbers. In April, Saudi Arabia vetoed plans for an output freeze which may have brought oil prices into steadier territory.
A spokesman for OPEC made clear the group’s intentions at today’s meeting, confirming that “the Gulf Cooperation Council is looking for coordinated action at the meeting.”
02/06/2016
