Saudi Arabia says plans $100 billion tech fund with Japan's Softbank

Saudi Arabia says plans $100 billion tech fund with Japan's Softbank
 

Saudi Arabia, seeking to develop its economy beyond oil exports, plans to create a global technology investment fund with Japan's SoftBank group (9984.T) that could grow as large as $100 billion, Saudi state media reported on Friday.
The plan is one of a series of dramatic business initiatives launched by Riyadh this year as Saudi Arabia, its economy hurt by low oil prices, deploys its huge financial reserves in an effort to move into non-oil industries.
SoftBank will invest about $25 billion in the fund over five years, Deputy Crown Prince Mohammed bin Salman, who is leading the kingdom's... read more

 
14 October 2016 in Science &Technology, Views: 84
Source: Reuters
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