Saudi PIF chief joins board of SoftBank's Arm Holdings

Yasir Al-Rumayyan, managing director of Saudi Arabia’s Public Investment Fund (PIF), has joined the board of UK-based chip designer Arm Holdings Plc – which is a unit of SoftBank Group Corp., Bloomberg reported, citing a spokesman for the chip designer.

The PIF, which aims to become a $2 trillion investment fund, is already associated with SoftBank after the Saudi fund announced plans to invest as much as $45 billion into SoftBank’s tech-focused Vision Fund.

The two parties have also initiated plans on a major solar energy venture.