Wednesday 17, October 2018 by Kudakwashe

SoftBank 'anxiously' monitoring Saudi situation

 

SoftBank’s $93 billion Vision Fund has become one of the primary funding vehicles for technology companies around the world and Saudi Arabia provided $45 billion for the fund.

Saudi-backed SoftBank Group’s Chief Operating Officer (COO) has announced that it is ‘business as usual’ at companies backed by its nearly $100 billion Vision, reported Reuters.

Marcelo Claure, SoftBank Group’s COO, said, “We, like most parties in the world, are watching events unfold.”

The unease over SoftBank’s ties to the Kingdom dragged down its shares earlier this week.

SoftBank is also raising a second $100 billion Vision Fund and earlier this month, Saudi Crown Price Mohammed bin Salman told Bloomberg that the Kingdom’s sovereign wealth fund would contribute $45 billion to the second Vision Fund.

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