Saudi Arabia invests $3.5bn in Uber

Ride-hailing service Uber has attracted a $3.5bn (£2.43bn) investment from Saudi Arabia's Public Investment Fund. The funds will enable Uber to invest in expansion across the Middle East.

The US-based company says 80% of its Saudi Arabian users are women, who are banned from driving themselves in the country.

The Public Investment Fund values Uber at $62.5bn and sees one of its managing directors, Yasir al-Rumayyan, join the board. The fund was set up by the kingdom to develop the country and invest its oil revenues.

Uber will invest $250m in the Middle East, where it has been expanding aggressively.

Ride-hailing apps are currently attracting cash from a range of investors. Carmaker Toyota has also invested in Uber while Volkswagen has invested in Gett, an Israel-based rideshare operator.

Apple has made a $1bn investment in a Chinese ride-hailing service Didi Chuxing.

In March, General Motors invested $500m in Lyft, a US rival to Uber, to help develop an on-demand network of self-driving cars.

Uber itself has also embarked on an autonomous car project in partnership with Pittsburgh's Carnegie Mellon University.