Saudi Arabia Announces US$ 93 Billion Investment for Information Revolution
The sectors of Artificial Intelligence and Robotics received a great potential gift when the world’s largest equity fund announced a capital of US$ 93 billion to be invested for information revolution in May 2017. The fund is backed by Japan’s SoftBank Group and Saudi Arabia’s main sovereign wealth fund. The plans for such a huge investment were released in October 2016 by Masayoshi Son, chairman of SoftBank, the telecommunications and tech investment group.
The fund has great contributions from world’s heavy-pursed investors like Apple Inc., Qualcomm, Foxconn, Sharp Corp., and Mubadala Investments. The fund was announced on Saturday, May 20, 2017, during US President Donald’s Trump arrival in Riyadh. Masayoshi Son was also present during the announcement. The fund is designed to primarily help the tech industry in U.S. and Saudi Arabia. The tentative plan proposed states that around US$50 billion of the total amount of the fund shall be used for supporting emerging start-ups in the US. This initiative is anticipated to create approximately 50,000 jobs in the country. It would also help Saudi Arabia access foreign technology and enhance its original tech sector.
The fund is supposed to cover both private and public companies in the nebulous and advanced stages of development that support AI, robotics and mobile computing, communications infrastructure, computational biology, consumer internet businesses, and financial technology. Even the PIF has had an interest in the fund raising and is believed to have invested around US$ 45 billion over 5 years. The fund would be raised up to its final target of US$ 100 billion in the following six months.
As mentioned by Son and the SoftBank Vision Fund, “The next stage of the Information Revolution is under way and building the businesses that will make this possible will require unprecedented large-scale, long-term investment.” The fund is expected to be a great help in accelerating the revolution of the sector of Information Technology and inspire strategic investments in the near future.
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