21 May 2017
Saudi Arabia's main sovereign wealth fund and Mubadala, an Abu Dhabi-based strategic fund, have signed over $100 billion in deals with Japan’s Softbank Group, the world’s largest private equity fund, to invest in the technology sector, Reuters reported.
The two deals were signed on Saturday in the Saudi Arabian capital of Riyadh as part of American President Donald Trump’s landmark visit to the kingdom, during which a total of around $380 billion in economic and military deals were signed between the U.S. and Saudi Arabia.
Saudi Arabia signed a $93 billion deal with Softbank, creating the world’s biggest joint tech fund, while Mubadala will contribute $15 million.
The Saudi fund will invest in technologies such as artificial intelligence and robotics, according to Reuters. The partnership with Mubadala will focus on the building of software, hardware, and internet platforms in areas such as connectivity, data analytics, artificial intelligence, new forms of computing, and deep science applications, Gulf News reported.
“Technology and innovation are central to the UAE’s economic diversification strategy, helping to create entirely new economic sectors and career pathways,” Khaldoon Khalifa Al Mubarak, the group chief executive officer and managing director of Mubadala, was quoted as saying by Gulf News.
For Zawya’s Special Coverage on Donald Trump’s visit to Saudi Arabia click here.
Further reading:
© Express 2017
Saudi Arabia's main sovereign wealth fund and Mubadala, an Abu Dhabi-based strategic fund, have signed over $100 billion in deals with Japan’s Softbank Group, the world’s largest private equity fund, to invest in the technology sector, Reuters reported.
The two deals were signed on Saturday in the Saudi Arabian capital of Riyadh as part of American President Donald Trump’s landmark visit to the kingdom, during which a total of around $380 billion in economic and military deals were signed between the U.S. and Saudi Arabia.
Saudi Arabia signed a $93 billion deal with Softbank, creating the world’s biggest joint tech fund, while Mubadala will contribute $15 million.
The Saudi fund will invest in technologies such as artificial intelligence and robotics, according to Reuters. The partnership with Mubadala will focus on the building of software, hardware, and internet platforms in areas such as connectivity, data analytics, artificial intelligence, new forms of computing, and deep science applications, Gulf News reported.
“Technology and innovation are central to the UAE’s economic diversification strategy, helping to create entirely new economic sectors and career pathways,” Khaldoon Khalifa Al Mubarak, the group chief executive officer and managing director of Mubadala, was quoted as saying by Gulf News.
For Zawya’s Special Coverage on Donald Trump’s visit to Saudi Arabia click here.
Further reading:
- Saudi-US trade exceeds $533bln in 10 years
- Abu Dhabi's Mubadala attracts $25bln in Europe private equity deal
- Saudi's Public Investment fund says shift to overseas investment will be gradual
- Video: SoftBank signs $3 billion deal
© Express 2017