Uber Receives $3.5 Billion Investment From Saudi Wealth Fund

Uber Technologies Inc. said it received its biggest investment to date, raising $3.5 billion from the Public Investment Fund of Saudi Arabia. The investment valued Uber at $62.5 billion, the same amount as its previous valuation, the company said. Yasir Al Rumayyan, the managing director of Saudi Arabia’s sovereign wealth fund, will take a board seat.Saudi Arabia has been looking for ways to diversify its investments outside of the oil industry. Lyft Inc., the second-largest ride-hailing company in the U.S., has raised at least $100 million from Saudi Arabian billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Co.