Mubadala weighs in on plans to invest in $100bn tech fund. Qatar Investment Authority also said be in talks to join the Saudi-backed investment fund.
Abu Dhabi’s Mubadala Development Company is in discussions with Japan’s SoftBank Group Corporation for a potential multi-billion dollar investment in its new technology fund, according to a report. In October, Saudi Arabia’s Public Investment Fund and SoftBank announced plans to launch $100 billion (AED367 billion) SoftBank Vision Fund appealing to Middle Eastern investors and sovereign wealth funds.
“We are taking a serious look at a potential investment to the fund as we do with similar, strong investment opportunities,” Bloomberg quoted Mubadala spokesman Brian Lott as saying. Qatar Investment Authority was also reported to be in discussions to join the project. An unnamed source was quoted as saying SoftBank, run by Masayoshi Son, was also in talks with European and North American investors.
Based in London, the fund will be seeded with $25 billion (AED91.75 billion) from SoftBank and up to $45 billion (AED165.15 billion) from Saudi sovereign wealth fund over the next five years. Son, SoftBank’s founder and chairman, said in a statement that the SoftBank Vision Fund would be “the biggest investor in the technology sector”” over the next decade. The fund will be led by SoftBank’s head of strategic finance Rajeev Misra.
Sources: QGN, Gulf Agencies, Arabian Business, Reuters.