World famous taxi hailing firm, Uber, has secured a whopping $3.5bn in funding from the Saudi Arabia Soviet Wealth fund.
In return, Saudi Arabia’s Public Investment Fund managing director, Yasir Al Rumayyan, will join Uber’s board.
This is Uber’s largest investment from a single investor since the firm’s history. The investment which puts the company’s total balance sheet, including cash and debt, at more than $11 billion.
Uber said the funding falls in line with Saudi Arabia’s recently announced Vision 2030, which details the kingdom’s plan to reduce its dependence on oil during the next 15 years.
At the moment, Uber has over 3.9 million active riders in Middle East and about 19,000 drivers.
New York Times