Uber, which was founded in March 2009, has raised more than $11bn till date

Uber Technologies has raised $3.5bn £2.43bn, €3.12bn from the Public Investment Fund PIF of Saudi Arabia, the sovereign investment fund of the kingdom.

While the deal does not cash out any of Uber's existing investors, it continues to value the ride-hailing giant at $62.5bn.

Travis Kalanick, chief executive at Uber, said: "We appreciate the vote of confidence in our business as we continue to expand our global presence.

It added that expanding its service in Saudi Arabia would benefit the people, especially Saudi women as they are not allowed to drive because of fatwas or religious edicts, issued by Muslim clerics.

It faces competition from Careem, a Dubai-based startup backed by Saudi Telecom Company, Al Tayyar Group and others.

Crown prince Mohammad bin Salman had recently said he intends to sell less than 5% of Saudi Aramco, the state-owned oil giant, and use the funds to create a PIF worth $2tn.

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