in.reuters.com,
June 2 Saudi Arabia has signalled it is adopting new strategies to invest its petrodollars - more aggressive, more high-profile and more closely linked to its economic development plans - with the $3.5 billion purchase of a stake in U.S. ride-hailing firm Uber.
The deal, announced on Wednesday, makes the Saudi state's Public Investment Fund (PIF) a player in the technology start-up market - a break from Riyadh's past emphasis on conservative, low-risk foreign investments.
It also makes Riyadh part-owner in a firm which could help to rescue the kingdom from low oil prices by diversifying the economy and creating jobs for local citizens. Uber is a popular form of transport for Saudi women, who are banned from driving.
PIF Managing Director Yasir al-Rumayyan referred to these goals in a statement on the deal, saying the fund aimed not only to make money but also to support a sweeping economic reform plan announced in April.
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