– Masayoshi Son’s SoftBank plans to invest $25 billion in the newly announced $500 billion mega Saudi city NEOM and the Saudi Electricity Company over next three to four years, reported Bloomberg citing sources familiar with the matter.
– According to the report, the investment will come from SoftBank’s $100 billion Vision Fund in which $45 billion was injected by Saudi Arabia’s Public Investment Fund.
– The Japanese company plans investment of $15 billion in NEOM and up to $10 billion in the Saudi Electricity Company, the national power distribution company of the Kingdom.
– According to Bloomberg’s sources, some of SoftBank’s portfolio companies will also open their offices in NEOM.
Latest posts by MB Staff (see all)
- Kuwait’s Agility to invest $100 million over next three years in its digital logistics platform Shipa - December 10, 2018
- Kuwait’s Tabeeby raises $770,000 for its health social network - December 10, 2018
- Egypt’s RiseUp raises seed funding led by Endure Capital, round still open to other regional angels and VCs - December 9, 2018