New York — Uber just banked $3.5 billion from Saudi Arabia’s investment fund.
The deal marks the company’s biggest cash influx from a single investor.
The money comes from the country’s Public Investment Fund. It won’t change Uber’s valuation, which remains at $62.5 billion. It is the most valuable startup in the world
With it, Uber also added a new member to its board: Public Investment Fund managing director Yasir Al Rumayyan.
“We’ve seen first-hand how this company has improved urban mobility around the world and we’re looking forward to being part of that progress,” said Al Rumayyan in a statement sent to CNNMoney. He’ll join the likes of Arianna Huffington on the board.
Uber has been operating in Saudi Arabia since 2014.
According to Uber, 80% of its customers in Saudi Arabia are women, since women are not allowed to drive themselves.
The Middle East marks a big growth area for Uber, who announced in November that it was investing $250 million in the Middle East and North Africa. Uber currently operates in nine countries and 15 cities in the region.