Saudi Arabia Doubles Down on SoftBank Bet With Extra $45 Billion
- Sovereign fund set to recieve windfall from Sabic, Aramco
- Crown Prince says PIF assets will hit $600 billion by 2020
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Saudi Arabia is preparing to double-down on its bet that Masayoshi Son can pick the technology giants of the future. The country’s sovereign fund will make another $45 billion investment in Son’s second massive Vision Fund.
The Public Investment Fund, or PIF, is set to make the investment as it looks for ways to deploy a $170 billion windfall it’s expecting over the next three-to-four years. That money would come from the sale of a stake in Saudi Basic Industries Corp. and the initial public offering of state oil company Saudi Aramco, according to PIF Chairman Mohammed Bin Salman -- who is also Saudi Arabia’s Crown Prince.