Uber raises $3.5B from Saudi fund

Uber Technologies Inc. has raised $3.5 billion from the investment arm of Saudi Arabia.

The deal marks the ride-hailing service's biggest single investment.

Yasir Al Rumayyan, managing director of Saudi Arabia’s Public Investment Fund, is taking a board seat.

Uber has a market value of around $68 billion, which is some $20 billion more than General Motors Co., the nation’s largest automaker.

Read more from The Wall Street Journal.