Back to the complete issue
Friday, 14 October 2016

Saudi sovereign wealth fund and Japan’s SoftBank announce USD 100 bn tech fund

Saudi and Japan’s SoftBank announce new tech fund which may reach USD 100 bn: Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) and Japan’s SoftBank Group announced on Thursday they will create a technology investment fund that grow as large as USD 100 bn, making it not only one of the largest technology investment funds, but one of the world’s largest private equity funds, Reuters reported. The PIF is set to invest up to USD 45 bn into the SoftBank Vision Fund over the next five years while SoftBank expects its share to be at least USD 25 bn, according to a statement from the bank. The fund would be managed by SoftBank’s subsidiary in the UK. The move would build on the PIF’s new higher risk strategy following its acquisition of a USD 3.5 bn stake in Uber last June.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.