SoftBank plans to invest up to $25bn in Saudi Arabia

Japan’s SoftBank Group Corp plans to invest up to $25 billion in the next three to four years in Saudi Arabia, according to Bloomberg.

Softbank plans to invest around $15 billion in a new business and in NEOM, the new industrial city, and its’ Vision Fund would invest approximately $10 billion in Saudi Electricity Co, reported Bloomberg.

The $500 billion city will also release public shares alongside Saudi Aramco, as a part of the Kingdom’s diversification from oil, Crown Prince Mohammed bin Salman told Reuters in an interview in October.

Reuters also reported that Saudi Arabia will consider selling a large stake in Saudi Electricity Co to Vision Fund, the world’s largest private equity fund.