Uber announced today it took $3.5 billion from Public Investment Fund (PIF), Saudi Arabia’s main investment fund as part of its latest round.
The new investment is the largest to date for the ridesharing giant and brings the total balance of both cash and debt to more than $11 billion but doesn’t increase the company’s current $62.5 billion value.
Uber rules the U.S. market as the dominant ridesharing service and continues to forge ahead on global expansion and the Middle East is a key area in the company’s future.
