American ride-hailing firm Uber has raised $3.5bn from Saudi Arabia’s Public Investment Fund.
This is the first time that Uber secured such a huge funding from a single investor.
The investment will not affect the company's valuation at $62.5bn, which is already considered to be one of the most valuable start-ups.
It brings in a new member onboard, the Public Investment Fund's managing director Yasir Al Rumayyan.
The news comes just days after Toyota agreed to make an investment in Uber and offer financing options for Uber drivers to buy cars.
The exact amount of investment being pumped in by Toyota has not been disclosed.
With this new funding from Saudi, Uber plans to expand its foothold in Middle East. According to Uber, the region could bring in more operations and profits as women are not allowed to drive there.
Uber is facing an intense competition from its rivals Lyft, Didi Chuxing, Ola and Grab.
The company is investing $250m in the Middle East, where now it has been trying to vigorously expand.
Its aggressive foray into the Middle East also coincides with Deputy Crown Prince Mohammed bin Salman's vision for Saudi Arabia by 2030, where he envisions the country to be less dependent on oil and to reduce unemployment in the country.
The ride-sharing company hopes that by expanding its reach in Saudi, it can create employment opportunities. It now operates in 9 countries and 15 cities in the Middle East and North Africa regions.
