Uber has received $3.5 billion from the Saudi Arabian Public Investment Fund. The investment gave Uber a key partner for its Middle East expansion.
The recent gain valued the American multinational online transportation network company at $62.5 billion. This makes Uber the number one highly valued, capital-backed startup company in the world.
The company’s chief executive officer and co-founder Travis Kalanick called Saudi Arabia’s investment a “vote of confidence in our business.”
“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,” said Kalanick in a statement.