Uber just got $3.5 billion from Saudi Arabia

Uber has raised $3.5 billion from a new investor: Saudi Arabia.

The ride-hailing service announced Wednesday that it has received a cash infusion from Saudi Arabia’s Public Investment Fund, which is the main investment fund in the kingdom. This is Uber’s largest investment from a single investor, and it brings Uber’s total balance sheet of cash and convertible debt to more than $11 billion, the company said.

Uber CEO Travis Kalanick said in a statement that the company is partnering with Saudi Arabia to support its economic reforms as well as social reforms. Uber first began operating in the kingdom in 2014.

This investment also falls in line with Saudi Arabia’s recently announced Vision 2030, the kingdom’s plan to reduce its dependence on oil during the next 15 years, Uber said.

Yasir Al Rumayyan, managing director of the Public Investment Fund, will join Uber’s board of directors. The deal will not cash out any of Uber’s existing investors.

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