DUBAI/RIYADH: 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 US$3.5bil (RM14.53bil) purchase of a stake in US ride-hailing firm Uber.
The deal, announced on June 1, makes the Saudi state's Public Investment Fund (PIF) a player in the technology startup market – a break from Riyadh's past emphasis on conservative, low-risk foreign investments.
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