Qatar may join $100 bln Saudi PIF, SoftBank tech fund

Qatar might invest in the $100 billion global technology fund formed by Saudi Arabia’s Public Investment Fund (PIF) and Japan-based SoftBank Group Corp., Bloomberg reported, citing unnamed people familiar with the matter.

The Qatar Investment Authority (QIA) sovereign wealth fund is considering investing billions of dollars to help diversify its economy away from oil, the people said.

SoftBank Chairman Masayoshi Son visited Doha and other Gulf countries in recent months to discuss investments with global investors, one of the people added.

PIF and SoftBank are reportedly eyeing additional funds of about $30 billion. No final agreements have been reached so far.

Goldman Sachs Group Inc. is working as an adviser on the structure of the new fund, one of the people said.

Saudi Arabia and SoftBank signed a non-binding memorandum of understanding this month to create the technology investment fund that could grow as large as $100 billion.

The kingdom is expected to put in as much as $45 billion over the next five years, and SoftBank has agreed to invest at least $25 billion, the report said. Other large investors make up the rest.

QIA is the ninth largest sovereign wealth fund in the world with $335 billion in assets, according to the Sovereign Wealth Fund Institute.