British Prime Minister Theresa May is expected to make a final attempt at persuading lawmakers to back her "new" Brexit deal on Wednesday but the agreement — and May's...Europe Politicsread more
Consumers in China are taking to social media to express their support for Huawei as the U.S. government looks to ramp up pressure on the Chinese smartphone maker.Technologyread more
Tensions between the two parties have heightened in recent months as the campaign for seats in the Brussels and Strasbourg-based parliament has crescendoed.Europe Politicsread more
Shares of Saudi shopping mall operator Arabian Centres were trading at 24.34 riyals ($6.49) in early deals in Riyadh.IPOsread more
There is at least one thing in common between the U.S. and Russia – their willingness to weaken the European Union, a top EU official said.Politicsread more
U.S. President Donald Trump's latest tariff increase — and Beijing's plans to counter them — are hitting U.S. companies in China, according to a joint survey this month by...China Economyread more
"We are also constantly watching whether the trade war will turn into a tech war," Ma said Tuesday, according to a CNBC translation of his Chinese remarks published by a locak...China Economyread more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
Indian Prime Minister Narendra Modi's likely return to power for a second term will likely be positive for his country's growth, according to economists and investors.Asia Economyread more
Kohl's, J.C. Penney and Nordstrom release disappointing earnings news, putting a damper on their sector.Retailread more
"Pretty much the entire suite of apps that 'talk' over the internet could be vulnerable," said Tom Uren, a senior analyst at the Australian Strategic Policy Institute's...Cybersecurityread more
The Saudi Public Investment Fund (PIF) is one of the largest shareholders in the ride-hailing giant, with a roughly 4% stake according to a regulatory filing. That holding is estimated to be worth around $3.4 billion when Uber goes public this month.
"Uber is totally different than Lyft," Yasir Othman Al-Rumayyan, managing director of the PIF, told CNBC's Hadley Gamble on Tuesday. "Of course it's a ride sharing company, but it's a ride sharing company not only in the U.S. but all over the world."
While Lyft has gained significant market share in the North American mobility space, Uber's strategy has been to grow its platform internationally. The firm is currently present in 63 countries and more than 700 cities while Lyft only operates in the U.S. and Canada.
Uber has also been pitching itself to investors as a one-stop-shop for transportation, with a portfolio of different segments like electric scooters and bikes, self-driving cars, logistics and food delivery. Lyft can only tick two of those boxes — scooter and bike-sharing and self-driving.
Uber "has the market share in the U.S. and it has the market share all over the world and it's bringing some new services," Al-Rumayyan said.
Al-Rumayyan's comments come amid worries that Uber could face the same fate as Lyft once it debuts its shares. Since its IPO in late March, Lyft's stock has lost over 20% because of worries over its lack of profitability.
Uber could face valuation comparisons in that respect, given that it is yet to generate a profit, and has also cautioned it may never become profitable. It made $11.3 billion in revenue last year, while still booking a $1.8 billion loss.
Nevertheless, the firm's dominance in the mobility market appears to be unrivalled. While it's withdrawn from major markets like China and Southeast Asia, it still has equity stakes in the companies it sold out to there. And, more recently, it bought the Middle East ride-hailing giant Careem for $3.1 billion.
"Uber and Careem both will be considered as local companies in Saudi Arabia and the Middle East," Al-Rumayyan said. "The number of jobs that Uber brought to Saudi individuals — I think more than 100,000 jobs — which is something really great and that's why people like the whole idea of having ride sharing and Uber."
Uber in 2016 said its goal was to create "economic opportunities" for more than 100,000 Saudi drivers within five years.
The company is looking to raise as much as $9 billion in its IPO, a flotation that could value the firm as high as $91.5 billion. Still, that valuation tag is actually lower than previously reported estimates of a $120 billion market value.
Saudi Arabia's PIF, which has $300 billion in assets under management, is also an anchor investor in SoftBank's $100 billion tech-focused Vision Fund, contributing $45 billion. The Japanese group is currently Uber's largest shareholder, with an almost 13% stake in the company.