Riyadh – Mubasher: SoftBank Group Corp plans to pump $25 billion investments in Saudi Arabia during the coming three or four years, Bloomberg reported on Wednesday.
The group which is managed by by Masayoshi Son aims to invest $15 billion in Saudi megaproject, Neom, the agency added, citing sources as saying.
SoftBank Group also plans to inject $10 billion investments in the Saudi Electricity Co. (SEC) as part of diversifying energy sources in the Kingdom, and relying on solar energy, the sources added.
The Saudi Public Investment Fund (PIF) said to SEC its plans to implement partnership with SoftBank Vision Fund (SBVF) to put a plan for solar energy in 2030.
In October, the Saudi Crown Prince, Mohammed bin Salman announced a plan to establish a $500 billion city to carry out Neom project, which is expected to attract investments in entertainment, biotechnology, advanced manufacturing, and renewable energy sectors.
The city will cover an area of 26,500 square kilometres, its projects’ value is forecasted to exceed billions of dollars.
Neom’s first phase is expected to be completed by 2025.
