The Saudi Arabian Public Investment Fund (PIF) has invested $3.5bn in Uber, according to a press statement on Thursday.
The statement said that the investment is part of Uber’s Series G fundraising round, and is one of the PIF’s single largest international transactions to date—the first since Saudi Arabia announced Vision 2030, the overarching plan for diversifying the kingdom’s economy.
As part of this investment, the PIF, which is the Kingdom of Saudi Arabia’s long-term sovereign investment arm, will have a seat on Uber’s Board of Directors.
The managing director of PIF, Yasir Al Rumayyan, said that Uber has improved urban mobility around the world and the fund is looking forward to being part of that progress.
The CEO and co-founder of Uber, Travis Kalanick, said his company has great experience in Saudi Arabia and that Uber can benefit riders, drivers and cities. He added that the company is looking forward to partnering with the kingdom to support their economic and social reforms.
Uber currently serves nine countries and 15 cities across the Middle East and North Africa. Egypt in Alexandria and Cairo; Saudi Arabia in Riyadh, Jeddah, Mecca, Medina and Eastern Province; the UAE in Dubai and Abu Dhabi; Israel in Tel Aviv; Jordan in Amman; Lebanon in Beirut; Bahrain in Manama; Qatar in Doha; and Morocco in Casablanca.
Uber is a technology platform that is evolving the way the world moves by seamlessly connecting riders to drivers through its mobile app.