King Salman, SoftBank chief said to discuss plans for $100 bln fund

14/03/2017 Argaam

Saudi Arabia’s King Salman and SoftBank Group Corp’s chairman Masayoshi Son will meet on Tuesday in Tokyo to discuss plans for a $100 billion technology-investment fund, Reuters reported citing an unnamed source close to the matter.

 

No further details were provided on the planned meeting between the Saudi monarch and the billionaire entrepreneur investor.

 

In October, the kingdom’s Public Investment Fund (PIF) and Japan-based Softbank signed a non-binding agreement to set up the SoftBank Vision Fund, a technology investment fund that could grow as large as $100 billion.

 

The Saudi sovereign wealth fund was planning to be the largest investor in the fund with an investment of $45 billion over the next five years.

 

Last week, SoftBank sold its 25 percent stake in ARM Holdings, the British technology giant to its giant technology fund backed by Saudi Arabia.

 

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