Saudi Arabia’s sovereign wealth fund invests $3.5 bln in Uber

US ride-hailing service Uber has raised $3.5 billion from Saudi Arabia’s Public Investment Fund (PIF), Saudi state news agency SPA reported.

The investment was part of Uber’s most recent financing round that valued the company at $62.5 billion, making it the most highly valued venture capital-backed company in the world.

“We appreciate the vote of confidence in our business and look forward to partnering with the Kingdom to support their economic and social reforms,” said Travis Kalanick, CEO and co-founder of Uber.

As part of the investment, Yasir Al Rumayyan, a managing director at the Saudi fund, will take a seat on the company’s board, Reuters reported citing an Uber statement.

The Saudi investment puts the company’s total balance sheet, including cash and debt, at more than $11 billion, Uber said.

Uber has committed to investing $250 million in the MENA region, where it now operates in nine countries and 15 cities.

In the first quarter of the year, the service had more than 395,000 active riders across the region, a five-fold jump from Q1 2015.

Uber says it has operated in Saudi Arabia since early 2014 and about 80 percent of its riders in the kingdom are women.