(MENAFN) According to reports by the Financial Times, US taxi hailing app Uber said it plans to invest an approximate of USD1.1 billion in China, Arab News reported.
Uber is operating in 11 cities in China, and over the next year plans to begin operations in 50 of the more than 80 Chinese cities that have populations of more than five million people.
"Given our recent success in the region and substantial market share gains, we are planning to invest over 7 billion RMB (over 1 billion USD) in China in 2015 alone," Uber said in an email.
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