Japan’s SoftBank to invest $25 bln in Saudi Arabia: report

Tokyo-based SoftBank Group Corp. is planning to invest up to $25 billion (SAR 94 billion) in Saudi Arabia over the next three to four years, Bloomberg reported on Wednesday, citing unnamed sources with knowledge of the matter.

The multinational telecommunications firm is eying $15 billion investments in Saudi Arabia's $500 billion megacity project, Neom.

Some of SoftBank’s portfolio companies will also open offices in the new economic zone, the sources added.

In addition, SoftBank Group Corp.’s Vision Fund will also inject $10 billion investments in state-owned Saudi Electricity Co. (SEC), as part of its efforts to diversify the utility’s investments into solar and renewable energy.

Last month, SEC said that Saudi Arabia will consider selling a large stake in the utility provider to the tech fund, with retaining a controlling shareholding.

The Kingdom’s Public Investment Fund (PIF), which holds a 74 percent stake in SEC signed a memorandum of understanding with SoftBank Vision Fund to develop 3 gigawatts of solar energy in 2018.