Uber gets $3.5BN, its biggest investment yet, from Saudi Arabia

OREANDA-NEWS. June 03, 2016. Uber has ruffled the feathers of taxi companies and governments the world over, but at least one country doesn't think it's all bad. One that doesn't let women drive cars.

Saudi Arabia's Public Investment Fund plunged \\$3.5 billion into the company, Uber announced Wednesday, its biggest single investment. The ride-sharing app is now valued at \\$62.5 billion, the New York Times reports.

"We appreciate the vote of confidence in our business as we continue to expand our global presence," said Uber founder and chief executive Travis Kalanick in a statement.

Meanwhile, the Silicon Valley start-up said last November that it would be spending \\$250 million on expansions into Middle East and North Africa.