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Saudi Arabia Gifts Uber with $3.5 Billion

With an eye on expansion, Uber has turned to the Middle East for a multibillion dollar cash infusion.

The San Francisco based ride-booking company announced Wednesday that Saudi Arabia's Public Investment Fund infused $3.5 billion in the company, according to the New York Times.

Uber is Silicon Valley's most valuable private business and this investment marks one the biggest in its history, the New York Times reported.

The ride-booking king currently operates in 460 cities in over 69 nations. In the Middle East, Uber is making moves to invest $250 million into the region where it currently provides service in 15 cities, according to the New York Times.

The New York Times also reported that Saudi Arabia is looking to reduce its dependence on oil and benefit from diverse investments.

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