Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is considering investing as much as $45bn over the next five years in a new high tech SoftBank Vision Fund. The fund was launched by Japan’s SoftBank Group Corporation, according to a non-binding MoU signed by the Saudi Deputy Crown Prince Muhammad bin Salman and the Japanese group. The SoftBank Group said that it will invest as much as $25bn in the fund, which will be based in London, with other large global investors participating to increase its capital to $100bn.
Commenting on the new fund, Prince Muhammad said PIF is targeting attractive long-term financial returns from its investments at home and abroad, as well as “supporting the kingdom’s Vision 2030 strategy to develop a diversified economy.” Prince Muhammad has also visited Silicon Valley and initialed some deals with Facebook and Microsoft aimed at improving the kingdom’s tech sector. (CONTINUED - 254 WORDS)