Uber raises US$3.5b from Saudi Arabia investment fund

San Francisco

UBER announced on Wednesday that the Public Investment Fund of Saudi Arabia has pumped US$3.5 billion into the ride-sharing giant, helping fuel its global expansion plans. Terms of the investment give what was already one of the largest venture-funded startups a valuation, or implied value, of US$62.5 billion, according to the company.

The deal comes as Saudi Arabia strives to diversify its economy away from reliance on oil production to include more entrepreneurship, open markets and productivity. The new funding also helps Uber's global expansion, including in the Middle East and North Africa, which the company sees as among its fastest-growing regions.