Saudi Arabia invests $3.5 billion in Uber

Saudi Arabia and Uber

Uber was recently injected with $3.5 billion in funding from Saudi Arabia.

The ride-hailing service announced on Wednesday that it has received the money from Saudi Arabia’s Public Investment Fund, the main investment fund in the kingdom.

The investment was part of Uber’s recent $5 billion round that valued the company at $62.5 billion.

The Saudi portion of the funding represents Uber’s largest investment from a single investor. Uber’s balance sheet of cash and convertible debt has now reached more than $11 billion, the company said on Wednesday.

Uber CEO Travis Kalanick said in a statement that the company is partnering with Saudi Arabia to support its economic and social reforms. Uber started operating in the Kingdom in 2014.

Saudi Arabia’s government recently announced Vision 2030, a plan to reduce its dependence on oil over the next 15 years.

Yasir Al Rumayyan, managing director of the Public Investment Fund, will join Uber’s board of directors.

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None of Uber’s current investors are being cashed out.