Softbank: The Japanese technology titan and the Godfather Ali Baba

The Fund known as Softbank’vision falls under Saudi’s plans to diversify the economy in accordance with Vision 2030. The Fund will be based in Britain and managed by one of the companies of the Japanese Group, its assets are expected to reach $100bln (File Photo: AP)

The Japanese Group Softbank has entered a partnership with the Saudi Public Investment Fund by announcing the inauguration of what will become known as the largest investment fund in the technology sector worldwide. Softbank owns a majority shareholder in Vodafone Japan and the Sprint network in the US.

Softbank was among the pioneers in supporting the Ali Baba group, before they emerged as a Japanese groundbreaker in Internet trade, owning 32 percent of the sector. Last July the group took over British ARM, Europe’s largest electronic chip manufacturer for a sum of $32bln.

The Fund known as Softbank’vision falls under Saudi’s plans to diversify the economy in accordance with Vision 2030. The Fund will be based in Britain and managed by one of the companies of the Japanese Group, its assets are expected to reach $100bln.

This came in the wake of the visit of the Saudi Deputy Crown Prince, Prince Mohamed Bin Salman to Japan in early September.

This was followed by a visit by a high level economic delegation to Saudi Arabia, to strengthen relations and investments between the two countries.
 

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Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47
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