Apple to invest $1bn in Saudi-backed fund

Siri, iTunes, and Apple Maps were all built in part through acquisitions. (Reuters)

Apple has held talks to invest up to $1 billion in a new $100 billion tech fund being set up by Japan's SoftBank Group Corp, a source familiar with the matter told Reuters.

SoftBank is investing at least $25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund (PIF) for an investment that could go up to $45 billion.

ALSO: Saudi , SoftBank aim to be world’s No. 1 tech investor with $100 bln fund

SoftBank has said it plans to make future large-scale investments via the tech fund, rather than on its own.

Some of SoftBank's moves have caused concern among analysts, as the firm wrestles with a 13.7 trillion-yen ($119 billion) debt pile.

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