Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) has unveiled plans to inject an additional $45 billion in investments in SoftBank’s Vision Fund during the coming period, Bloomberg reported.
This amount is set to be invested in the technology sector, as the Kingdom plans to expand investments to be one of the technology giants of the future.
“The PIF, is set to make the investment as it looks for ways to deploy a $170 billion windfall it’s expecting over the next three-to-four years,” the news agency added.
The $170 billion are forecast to be generated from the potential initial public offering (IPO) of Saudi Aramco and through selling a stake in the Saudi Basic Industries Corp (SABIC), Saudi Crown Prince and PIF chairman Mohammed Bin Salman told Bloomberg.
“We would not put, as PIF, another $45 billion if we didn’t see huge income in the first year with the first $45 billion,” bin Salman added.
In September, SoftBank Group founder and CEO Masayoshi Son told the US-based news agency that his firm was planning to collect a $100 billion loan every two or three years, noting that it would spend about $50 billion on a yearly basis.
On a related note, in March bin Salman signed a contract with Vision Fund to build the world’s largest solar power company in the oil-rich kingdom.
