– 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)
- Rush Brush witnesses increased consumer demand during pandemic - September 21, 2020
- Saudi angel groups Riyadh Angels and Najd Angels announce merger - September 14, 2020
- Kuwait’s Boutiqaat looking to raise fresh funds at a valuation of up to $1 billion: report - June 25, 2020
