Riyadh, (IINA) – The Saudi Arabian Public Investment Fund (PIF), the Kingdom’s long-term sovereign investment arm, announced Thursday that it invested $3.5 billion in Uber, SPA reported.

The investment is one of PIF’s single largest international transactions to date, and it is the first since the Kingdom announced its Vision 2030, the overarching plan for diversifying the Kingdom’s economy. As part of this investment, PIF will take a seat on Uber’s Board of Directors.

Travis Kalanick, CEO and co-founder of Uber said: “We appreciate the vote of confidence in our business as we continue to expand our global presence”.

“Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers, and cities. We appreciate the vote of confidence in our business and look forward to partnering with the Kingdom to support their economic and social reforms”, he added.

Uber currently serves nine countries and 15 cities across the Middle East and North Africa. In Saudi Arabia, Uber serves Riyadh, Jeddah, Makkah, Madinah, and the Eastern Province.

Uber is a technology platform that is evolving the way the world moves. By seamlessly connecting riders to drivers through its apps, Uber makes cities more accessible, opening up more possibilities for riders and more business for drivers. From its founding in 2009 to its launches in more than 400 cities today, Uber’s rapidly expanding global presence continues to bring people and their cities closer.