Saudi Arabia has invested $3.5 billion in cash in Uber, as the San Francisco-based ride hailing continues to rake in investment as it expands its global reach.
Uber confirmed the investment in a statement sent to reporters.
“We appreciate the vote of confidence in our business as we continue to expand our global presence,” Travis Kalanick, the company’s chief executive, said in the statement. “Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers and cities and we look forward to partnering to support their economic and social reforms.”
Under the terms of the deal, Yasir Al Rumayyan, a a managing director at the Middle Eastern kingdom’s Public Investment Fund, will take a seat on Uber’s board. The all-cash infusion was part of a recent financing round that valued Uber at $62.5 billion, the New York Times reports, and is one of the largest ever investments in a privately held company by a single investor.