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Saudi Arabia: Uber doubts about tech investments
Elements of Deputy Crown Prince Mohammed Bin Salman (MBS)’s economic policy have been viewed as visionary by boosters in the kingdom and abroad. These include a huge investment in ‘disruptive’ technology companies based on the US west coast. Institutional Investor (II), a monthly read for investment bankers and hedge funds, described MBS’s decision to invest in cutting-edge digital companies, as signalled by the Public Investment Fund (PIF)’s $3.5bn investment in San Francisco-based taxi app Uber Technologies, as “a rare embrace of modernity for deeply conservative Saudi Arabia”.
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