In May 2017, SoftBank Vision Fund gathered over $93 billion from a group of investors including Saudi Arabia's Public Investment Fund, Mubadala Investment Company, Apple Inc. and Foxconn Technology Group.
According to Softbank, the deal calls for building solar power plants in Saudi Arabia by 2030 for 200-billion dollars. The project is so huge that it will support the manufacturing kingdom, said SoftBank CEO Masayoshi Son.
"You have never seen something of this scale", he is reported as saying. The project seeks to develop and produce solar power in Saudi Arabia to generate electricity, therefore reducing reliance on oil. "The Kingdom has great sunshine, great size of available land, great laborers, and great engineers", "But most importantly it has the greatest vision", Son added. There are now only a few small solar power projects in the country. It is also expected to save the kingdom $40 billion by obviating the need to burn domestically produced oil to generate power.
The agreement deepens SoftBank's ties with the Saudi Arabia, and advances the crown prince's ambition to diversify its economy.
The announcement happened during the NY leg of Prince Mohammed's trip across the United States. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, which has more than US$224 billion in assets, spent about US$54 billion on investments previous year.
According to Bloomberg, the construction of such a large facility will require an investment of $200 billion.
It will cost $5 billion with $4 billion coming from financing and $1 billion from Softbank's Vision Fund.
Israeli PM Netanyahu hospitalized with fever
According to a Jewish People Policy Institute survey of 3,000 respondents, 97 percent of Israelis Jews say they either. Netanyahu maintains he is innocent and has denounced allegations against him as a media and police witch hunt.
Pogba delivers as France beat World Cup hosts Russian Federation
The impressive Pogba then won and lined up a free-kick on 49 minutes, curling over the wall and into the bottom corner past Lunev. Pogba smashed in a superb free-kick shortly after half-time, while setting up Kylian Mbappe to open the scoring before the break.
As Uber bows out, Grab is the only choice
And at the same time, Uber is also taking the heat in the form of high marketing expenses, required to keep up with Grab . The deal was dismaying to many in Asia who have often compared the rival apps in search of the best deal.
Grab to offer Uber services from April 9 in Southeast Asia
Ride-hailing companies throughout Asia have relied heavily on discounts and promotions , driving down profit margins. The deal marks Uber's second retreat from an Asian market and will see the firm take a 27.5 percent stake in Grab.