, Columnist
What Uber and OPEC Have in Common
Ride-sharing app has lots in common with its new investor
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Saudi Arabia isn't all that fond of competition. The kingdom has long reaped rich reward from its OPEC membership. And recently, it decided that pesky U.S. shale oil drillers should be killed off by driving oil prices lower.
Now, Saudi's sovereign wealth fund is investing $3.5 billion in Uber Technologies. The taxi-hailing app's strategy will have resonated with Riyadh's policymakers: annihilate the competition by slashing prices.