By Staff writer
Qatar Investment Authority could invest in fund set up by SoftBank and Saudi Arabia's Public Investment Fund
Qatar is reportedly mulling an investment in the $100 billion technology fund set up by Japanese internet giant SoftBank and Saudi Arabia’s sovereign wealth fund.
SoftBank chairman Masayoshi Son has visited Doha and other parts of the Gulf and held discussions with prospective investors, including Qatar Investment Authority (QIA), Bloomberg reported, citing sources familiar with the matter.
SoftBank announced last week it planned to invest at least $25 billion into what it has provisionally called the SoftBank Vision Fund over the next five years, while Saudi Arabia’s Public Investment Fund, the lead partner, is putting in at least $45 billion.
They said they hoped to pull in additional investment of around $30 billion from other partners to push the fund’s size to its maximum. The fund is intended to become the world’s “biggest investor” in technology over the next decade.
This week, a source was quoting as saying that Qatar’s sovereign wealth fund, QIA, is considering an investment of billions of dollars.
It was reported that Goldman Sachs Group is working as an adviser on the structure of the new fund.
No agreement has yet been reached and talks are by no means conclusive, the source said. Representatives for QIA, SoftBank and Goldman Sachs declined to comment, according to Bloomberg.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.