Saudi-backed tech fund ‘to invest $50bn in US


Saudi-backed tech fund ‘to invest $50bn in US’, claims Donald Trump. US President-elect Donald Trump says held meeting with SoftBank CEO Masayoshi Son

US President-elect Donald Trump. (Getty Images)


Half of a $100 billion technology fund backed by Saudi Arabia’s sovereign wealth fund is thought to be earmarked for investment in the US, according to President-elect Donald Trump. Japanese internet company SoftBank announced in October the establishment of a new fund, called SoftBank Vision Fund, into which it would invest at least $25 billion over the next five years, while lead partner, Saudi Arabia’s Public Investment Fund, would put in $45 billion. On Tuesday, Donald Trump said on his Twitter account that half of the fund would be invested in the US, creating 50,000 new jobs. He made the announcement after a meeting with SoftBank CEO Masayoshi Son at Trump Tower in New York.

In another tweet, Trump claimed Son had said he “would never do this if Trump had not won the presidential election.” While Trump provided no details on the specific investments, CNBC reported that the $50 billion would come from the $100 billion SoftBank-Saudi Arabia fund, which Son said earlier this week the fund was “oversubscribed”. Meanwhile, Son was quoted by US media that he arranged the meeting with Trump and likes him “very much.”

SoftBank owns about 80 percent of telecom company Sprint and bought British chipmaker ARM Holdings earlier this year.Separately, Trump told the media he had told Apple chief executive Tim Cook that he hopes Apple will “build a big plant in the United States, or many big plants in the United States.”  CNBC quoted a 2012 New York Times report where Apple co-founder Steve Jobs told US President Barack Obama “those jobs aren’t coming back.”