The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
SoftBank Group Corp. plans to invest as much as $25 billion in Saudi Arabia over the next three to four years
as the Japanese company run by Masayoshi Son deepens investment ties with the kingdom, according to people familiar with the matter.
SoftBank aims to deploy up to $15 billion in a new city called Neom that Crown Prince Mohammed bin Salman plans to build on the Red Sea coast, the people said, asking not to be identified as the information is private.
The Japanese company’s Vision Fund also plans investments of as much as $10 billion in state controlled Saudi Electricity Co. as part of efforts to diversify the utility into renewables and solar energy, the people said.
SoftBank also will have some of its portfolio companies open offices in Neom, they said.
Son has been bolstering ties with Saudi Arabia since raising $45 billion from the country’s Public Investment Fund for a $100 billion fund this year.