RIYADH, Saudi Arabia, June 2 (UPI) -- Uber has received a $3.5 billion investment from Saudi Arabia as the ride-sharing service plans to expand in the region and kingdom, where most users are women.
The investment from the kingdom's Public Investment Fund will increase Uber's value to about $62.5 billion. Uber estimates about 80 percent of users in Saudi Arabia are women, since women are banned from driving in the country.
The Public Investment Fund's managing director, Yasir al-Rumayyan, will take a seat on Uber's board as part of the investment. Uber plans to invest $250 million in the Middle East. Saudi Arabia's cash infusion represnts one of the largest investments into a privately held startup company. Uber has received more than $11 billion from investors since its creation in 2009.
"We appreciate the vote of confidence in our business as we continue to expand our global presence," Travis Kalanick, an Uber founder and its chief executive, said in a statement. "Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers and cities and we look forward to partnering to support their economic and social reforms."
The company will aid Saudi Arabia's efforts to double the female workforce in the country -- to 30 percent of the total workforce -- by 2030, a goal that could be difficult if women do not have access to transportation. Uber said it does not plan to hire female drivers in Saudi Arabia.
"Of course we think women should be allowed to drive," Jill Hazelbaker, an Uber spokeswoman, told The New York Times. "In the absence of that, we have been able to provide extraordinary mobility that didn't exist before -- and we're incredibly proud of that."
