$25 bln in SoftBank investments planned for Saudi Arabia projects

Saudi Arabian Deputy Crown Prince Mohammed bin Salman with Masayoshi Son, Chairman & CEO of SoftBank. (Photo: Saudi Press Agency)

SoftBank plans to invest as much as $25 billion in Saudi Arabia over the next three to four years, reported Bloomberg on Wednesday.

The Japanese technology company headed by Masayoshi Son is strengthening its investment ties with the kingdom, says the report quoting people familiar with the matter.

The report said SoftBank has plans to deploy up to $15 billion in the new city called NEOM on the Red Sea coast that Crown Prince Mohammed bin Salman announced last month.

SoftBank’s Vision Fund also plans investments of as much as $10 billion in Saudi Electricity Co. coincideing with efforts by the [public sector power utility to diversify into renewables and solar energy.

Some of SoftBank’s portfolio companies will also open offices in NEOM, the sources told Bloomberg News.

Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55