Saudi Arabia’s partnership with Softbank set to support diversified economy
Saudi Arabia and Softbank invested in a recent partnership supporting the Kingdom's Vision 2030, in order to build and boost a diversified economy.
Softbank has a long history and an outstanding performance, as the Public Investment Fund of the Kingdom focuses on investments with significant financial returns over the long term, whether in local or global investments.
Softbank announced its intention to invest $25 billion in Saudi Arabia, including $15 billion in the Neom project and $10 billion in renewable and solar energy projects.
The Kingdom has already signed with Softbank a memorandum to establish an investment fund in technology, with an estimated contribution of $45 billion dollars out of the $100 billion target, and invest the remaining $100 billion dollars in the United States.
The partnership between the Public Investment Fund and Softbank aims to diversify the Fund's investments in new sectors with high returns, as well as maximize its assets and build strategic partnerships with promising companies in the field of technology.
The agreement for the establishment of a technology investment fund generated profits of about $3 billion from its investments in five months. It has participated in 15 investment projects in artificial intelligence and robotics, as well as investing $4.4 billion in “WeWork” and is close to acquiring stakes and other investment projects.
Earlier, Softbank's chief executive said that the fund, signed with Saudi Arabia, would become the world's largest investment in the next decade, as the project will accelerate the information revolution by contributing to the development of this sector.