SoftBank and Saudi Arabia are Behind the World’s Largest Tech Investment Fund

The world’s largest technology investment group is making news against with the conclusion of its first round of funding, a massive collection amounting to $93 billion. The SoftBank Vision Fund, supported in part by Saudi Arabia, has six months remaining in its final fundraising cycle, leading analysts to believe that the group will raise the expected $7 billion to reach a record-breaking $100 billion.

With high-profile investors such as Apple, Qualcomm, and Mubadala Investment contributing to the effort, the SoftBank Vision Fund has drawn attention to cooperation between Saudi Arabia and its partners in Japan. For Saudi Arabia, the fund offers an unprecedented opportunity to realize many of the ambitions outlined in Saudi Vision 2030, the Kingdom’s plan to diversify the nation’s economy and create new opportunities in education and employment for Saudi citizens.

Strategic Investment to Enhance Economic Growth

Though the SoftBank Vision Fund is only one step towards a future in which the Saudi economy reaps financial returns, the Kingdom’s officials are prepared to make strategic investments that are multiplied by economic cooperation. With the objective to attract and retain the finest Saudi and international minds, Saudi Arabia will become an environment in which economic development is achieved with key benchmarks and increasing global engagement.

Additionally, Saudi Arabia’s participation in the SoftBank Vision Fund reflects its intention to promote emerging technology exploration around the world. As a result, the Kingdom will become a leader in competitively managing assets, funding, and investment. This will require the formation of an advanced financial and capital market open to the world, allowing greater funding opportunities and stimulating economic growth. Ultimately, Saudi Arabia will further pursue public-private partnerships, continue to facilitate the flow of private investment, and improve the nation’s competitiveness—all with the objective of enhancing the quality of life of the Kingdom’s residents.

Read more here at Engadget.