Saudi Arabia and the SoftBank company of Japan said that they would make the technology investment fund that could grow to $ 100 billion to create one of the largest private equity funds in the world. The plan is carried out considering the economy of Saudi Arabia which was recently shaken by low oil prices so they decided to start non-oil industries. On the other hand, the founder and chairman of Softbank, Masayoshi Son is trying to expand into new areas. Public Investment Fund (The Public Investment Fund / PIF), the best wealth funds in Saudi Arabia, has been set to become a major investment partners and may invest up to USD 45 billion over the next five years. Meanwhile, Softbank at least expects an initial investment of USD 25 billion.
Some other big investors are still discussing the possibility of participating, but there is no certainty about the names of the potential investors. "Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector," said Chairman of Softbank, Masayoshi Son. The fund will be managed in the UK by a subsidiary of SoftBank. Deputy Crown Prince of Saudi Arabia, Muhammad bin Salman, who became the leader of economic reform in the kingdom, has revealed a series of high investment plans this year.
He said, he want to expand the PIF from USD 160 billion to USD 2 trillion so PIF can become the largest self-sufficient supply of funds in the world. PIF who initially pursued a strategy of Saudi Arabia's traditional low-risk investments, has taken a step into the world of technology by announcing the purchase of USD 3.5 billio shares of Uber company in the US in June. The deal illustrates how Riyadh now hope to use the investment as economic development. Uber is very popular among Saudi women because they are banned from driving. A greater need for transport can be new jobs for Saudis outside the oil industry.
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