Media reports revealed more details about the “Uber” scandal involving the governor of the Public Investment Fund in Saudi Arabia, Yasser Al-Rumayyan, the first advisor to the Crown Prince in the world of financial investments, noting his involvement in wasting 3.5 billion dollars of the Saudi Prime Time Zone’s money, as an external investment.
The case stems from Al-Rumayyan’s investment in the “cloud kitchens” company, Cloud Kitchens, an American company specializing in cooking and food delivery.
Yasser Al-Rumayyan scandal
As a result of this deal, Martin Botha, the fund’s chief risk officer, asked Al-Rumayyan to abandon it because of the risks it contained and its weak feasibility.
But Al-Rumayyan refused and insisted on making the deal..and here was the scandal!
And the American newspaper, “The Wall Street Journal”, revealed that the cooking company’s deal was concluded for the benefit of “Travis Kalanick”, the former director of “Uber”.
Read also: “Mujtahid” reveals the real reasons for the dismissal of Khaled Al-Falih from the management of “Aramco” and the appointment of Yasser Al-Rumayyan
During his reign, the fund’s investment in “Uber” was concluded for $3.5 billion, in exchange for the Saudi fund’s purchase of 10% of the “Uber” shares.
And 2.5 billion in exchange for Al-Rumayyan to get a seat on the Uber board of directors.
Here, Dara Khosrow Shahi, the current CEO of Uber, alerted Al-Rumayyan’s ambitions to break up the partnership with the Kingdom and withdraw the seat from Al-Rumayyan.
Wasted $3.5 billion in fund money
Although Al-Rumayyan boasted that the Uber deal was global and successful, in fact he squandered 3.5 billion dollars of the fund’s money and lost the seat and the money… Are these the actions of an adult or a teenager?
And the statements of the Governor of the Saudi Public Investment Fund about talks with international companies to attract them to the Kingdom have previously raised widespread doubts about the success of these efforts.
Saudi officials say that international companies are rejecting Saudi financial temptations to open their headquarters in the capital, Riyadh.
International companies, according to officials, fear prosecution over the crimes of Crown Prince Mohammed bin Salman, and the mutual bombing between Saudi Arabia and the Houthis.
Saudi Arabia offered large incentives to these companies, including a 50-year tax exemption.
Waivers of Saudi employment quotas – which have proven to be a burden on companies – and safeguards against future regulations.
The Saudi Public Investment Fund seeks to exploit its financial capabilities; To attract international companies in the field of health and technology to transfer their operations and establish facilities in the Kingdom.
The Investment Fund is also making intensive efforts with international banks in an attempt to persuade them to provide them with financial loans worth $7 billion.
To cover its financial deficit and its mounting losses during the years of the rule of Crown Prince Mohammed bin Salman.
The Saudi Investment Fund will try to raise a financial loan for the third time in three years, to obtain financial financing, while the Crown Prince spends billions of dollars outside the Kingdom on losing financial deals.
The kingdom’s sovereign wealth fund currently plans to raise about $7 billion in loans as it seeks liquidity for new investments.
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