Uber is getting a massive cash infusion from Saudi Arabia.

The oil-rich nation’s sovereign investment fund is putting $3.5 billion into the global internet-based ride-hailing company. It’s also getting a seat on Uber’s board of directors.

Funding for new tech companies has been slowing down in recent months, amid concerns that many startups have been over-valued. But San Francisco-based Uber has been raising billions of dollars as it pursues an ambitious plan to expand around the world.

Uber’s regional rivals are also reporting big investments. Apple recently invested $1 billion in China’s Didi Chuxing, while General Motors has put $500 million into Lyft.

This article was written by Brandon Bailey from The Associated Press and was legally licensed through the NewsCred publisher network.

Photo Credit: Uber should be cruising for awhile as a Saudi investment fund is contributing $3.5 billion toward the car service's expansion.