Uber gets $3.5bn from Saudi Public Investment Fund

Uber has attracted a $3.5bn (£2.43bn) investment from Saudi Arabia’s Public Investment Fund.

The money will help the ride-hailing service to expand in the Middle East, where the company says 80% of its Saudi Arabian users are women.

Women are banned from driving themselves in the country.

The new funding values Uber at $62.5bn and will put one of the fund’s managing directors, Yasir al-Rumayyan, on the board.

The investment from the Public Investment Fund, set up by the kingdom to develop the country and invest its oil revenues, was part of Uber’s most recent fundraising round.

Uber will invest $250m in the Middle East, where it has been expanding aggressively.

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