Saudi PIF, Japan’s Softbank to create $100 bln tech fund

Saudi Public Investment Fund (PIF) and Japan-based Softbank Group have signed a non-binding memorandum of understanding (MoU) to set up a technology investment fund that could grow as large as $100 billion.

PIF plans to be the largest investor in the fund— named Softbank’s vision— with an investment of $45 billion over the next five years, the Saudi state news agency (SPA) reported.

The new fund aims at boosting tech investments on a global scale, and will be run by a Softbank affiliate based in England.

PIF, the kingdom’s largest sovereign wealth fund, previously said it would focus on long-term high yield investments both locally and internationally, while supporting Saudi vision 2030 to diversify the country’s economy and lessen its dependence on oil revenue.