SoftBank’s CEO to attend Saudi investment conference next week

SoftBank is seeking funds to create a second technology fund.

According to two sources familiar with the matter at hand, the founder and CEO of Japan’s conglomerate SoftBank Group Corp is slated to attend an investment conference in Saudi Arabia next week.

The development comes as the Japanese company is seeking to raise more funds for a second technology fund.

Attending the Saudi Future Investment Initiative (FII) on Oct. 29-31 could offer Son a chance meet delegates from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, major investors in Softbank’s first $100 billion technology fund.

Incidentaly, Riyadh’s Public Investment Fund (PIF) contributed $40 billion to the Softbank Vision fund and Abu Dhabi’s Mubadala committed $15 billion.

While Mubadala has stated it was considering investing in Softbank Vision 2, sources have disclosed that PIF has held talks on the issue, however neither have announced any decision.

SoftBank was not immediately available to comment on Son’s visit.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s