New Delhi, Sept. 10 -- Elon Musk-owned The Boring Company has raised USD 3 billion in a Series D funding round led by the United Arab Emirates and affiliated investment entities, taking the tunnelling company's valuation to USD 23 billion.

The Boring Company announced Wednesday that the funding will accelerate its partnership with the UAE to deploy underground infrastructure across the country, including more than 150 km of tunnels.

The investment builds on the company's existing collaboration with the UAE on the Dubai Loop project. Separately, The Boring Company has signed a construction contract with Dubai's Roads and Transport Authority for the pilot phase of Dubai Loop, covering 6.4 km of tunnel and four stations, with construction ...