Saudi's PIF to invest $45bn in new Softbank fund
Saudi Arabia's Public Investment Fund to double stake in Softbank's tech investment funds
Saudi Arabia’s Public Investment Fund (PIF), plans to invest $45bn in a new technology fund from Softbank Group.
Crown Prince Mohammed Bin Salman, chairman of PIF, said that the fund planned to invest in a new venture from Softbank Group.
Softbank CEO Masayoshi Son has announced plans for a second $100bn Vision Fund. Saudi’s PIF is already a major investor in the first Vision Fund, and wants a leading stake in the new fund.
According to Bloomberg, the PIF wants to invest $45bn in the fund, the same amount it invested in the first fund. The money would come from the planned sale of part of SABIC and Saudi Aramco.