PIF chief says Uber is 'different' from Lyft

US ride-hailing service Uber, in which Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in 2016, is totally different from its rival Lyft Inc, PIF’s managing director Yasir Othman Al-Rumayyan told CNBC in an interview.

“Uber is certainly different than Lyft. Of course, it’s [Uber] is a ride-sharing company but it’s a ride-sharing company not only in the US but all over the world,” Al-Rumayyan said.

Uber is looking to raise around $9 billion to $10 billion in its IPO on May 9, that could value the company as high as $90 billion. Lyft, which launched IPO on March 28, went public with a $24 billion valuation.

“Lyft was the pioneer and paved the way for all the other companies who are doing ride-sharing. But ride-sharing is not the only thing that they [Uber] do. That’s one of the things they do,” Al-Rumayyan said adding that Uber is bringing in some new services and products to the world.

On the recent acquisition of Dubai-based Careem by Uber and its impact on the region, Al-Rumayyan said, “it’s going to be positive for people as well as for Uber”.

“The number of jobs that Uber brought to Saudi individuals, I think around 100,000, is something great, and that’s why people liked the whole idea of ride-sharing,” he maintained.