Japanese mobile carrier Softbank Group Corp said it has raised nearly US$100 billion with Saudi partners in pledges to launch a major global fund for long-term, high-tech investments.
The Softbank Vision Fund has received participation from industry titans and the likes of Apple Inc, Qualcomm Inc and Foxconn Technology Group (富士康) and collected pledges totalling more than US$93 billion so far, the fund said in a statement on Saturday.
“The fund is targeting a total of US$100 billion of committed capital, with a final close within six months,” it said.
Photo: AFP
Softbank announced its partnership with Saudi Arabia in October last year, with its flamboyant founder Masayoshi Son declaring that he was focused on the Internet of Things, artificial intelligence and robotics.
Son was among the first business people to meet US President Donald Trump after his election victory in November last year and pledged to invest US$50 billion in the US, winning open praise from the then-US president-elect.
The announcement comes as Trump visits Saudi Arabia as a part of his first overseas tour as US president.
“Technology has the potential to address the biggest challenges and risks facing humanity today,” Son said in the statement.
“The Softbank Vision Fund ... will help build and grow businesses creating foundational platforms of the next stage of the information revolution,” he said.
Softbank has said it would put up about US$25 billion for the fund over the next five years, while the Saudi public investment fund’s contribution could reach US$45 billion.
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