ECONOMY

SoftBank’s Saudi-backed fund boosts profit

Saudi Arabia is the largest investor in the fund, which was launched last year with over $90 billion in capital. (AP)

SoftBank Group Corp booked July-September operating profit of 705.7 billion yen ($6.23 billion), helped by higher valuations on high-tech bets by the Saudi-backed Vision Fund. That compared with 395.6 billion yen a year earlier under different accounting standards.

CEO Masayoshi Son on Monday said his firm must carry out its responsibility to the kingdom's citizens whose money is invested in its Vision Fund.

Saudi Arabia is the largest investor in the fund, which was launched last year with over $90 billion in capital, giving Son firepower to make big bets in late-stage startups such as shared office space provider WeWork Cos and hotel chain OYO hotels.

Son said there was no indication SoftBank's Saudi links are deterring startups from accepting capital, with internet-connected window company View on Friday announcing a $1.1 billion investment from the Vision Fund.

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Last Update: Monday, 5 November 2018 KSA 15:56 - GMT 12:56
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