Sunday , March 7 2021

Exclusive – Saudi Arabia supported Vision Fund Softbank plans to raise $ 4 billion



(More information and background)

Dasha Afanasiyeva

Softbank's Vision Fund raises $ 4 billion to fund business acquisitions and has given Goldman Sachs and Mizouo permission to work on the deal according to Reuters' proposal.

The deal is the first test of the willingness of debt market investors to Saudi technology, as the crisis crisis criticizes the death of Jamal Khashoggi, a critic of the Saudi authorities.

The Roya Fund worth EUR 98 billion has become one of the most important funding mechanisms for technology companies around the world. In Saudi Arabia, $ 45 billion was allocated to the Fund, and Softbank's negative impacts related to ties between the Japanese company and the nation.

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Investors also include other state reserve funds such as Abu Dhabi Mubadala.

A $ 4 billion credit limit was reviewed at a Ritz hotel in London on Thursday.

Vision Softbank, whose investments are passenger services by Ober Technologies and Weyork, which provides joint management, refused to comment. Goldman Sachs and Mizuho have not responded so far to commenting requests.

The Saudi Public Investment Fund and the Mubadala Fund do not offer any formal legal guarantee, but the presence of senior management at the meeting implies implicit support.

Earlier this year, Saudi Arabia's public sector investment fund raised $ 11 billion in efforts to increase its ability to finance national economic change plans.

On Monday, Softbank Group announced a second-quarter profit growth, boosted by increased value for investments.

Group CEO Masayoshi Sun said on Monday that it was still very close to opening the II Vision fund.

(Produced by Abdel Moneim Darar for Arab Publishing)


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