Saudi Arabia’s PIF has been key to SoftBank’s tech investment strategy with its contribution to the Vision Fund
Japanese conglomerate SoftBank will double down its ambitious tech investment strategy, in a move that could create opportunities for further collaboration with Saudi Arabia’s Public Investment Fund (PIF).
Last year, PIF investment boosted Softbank $100 billion Vision Fund by a $45 billion investment. The conglomerate also attracted $93 billion in funds, aided by contributions from Abu Dhabi’s Mubadala Investment Company, Apple, Foxconn and others, making it the world’s largest buyout fund.
The Vision Fund has invested in disruptive firms, especially those in the technology space, including Swiss pharmaceuticals start-up Roivant, office space company WeWork, and enterprise messaging service Slack.
Masayoshi Son, CEO of SoftBank, said reversing that balance will allow the conglomerate to grow faster, reported Arab News.
PIF and the Vision Fund in March announced a partnership to build the world’s largest solar project in Saudi Arabia, with a capacity of up to 200 gigawatts, in line with the Kingdom’s solar ambitions as set out in Vision 2030