SoftBank books $3 billion in first 5 months of partnership with Saudi PIF

Masayoshi Son. (AFP)
Updated 26 October 2017
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SoftBank books $3 billion in first 5 months of partnership with Saudi PIF

RIYADH: Masayoshi Son, the partner of Saudi Arabia’s Public Investment Fund, revealed that his Vision Fund has made a return of 22 percent in its first five months of operation and turned in a profit of $3 billion.
Now he is ready to launch similar funds in the near future.
Son, also founder and chief executive of SoftBank of Japan, told the Future Investment Initiative in Riyadh that now was the time to invest in the hi-technology sector because the future prospects of artificial intelligence and robotics were so positive.
“This is just the start for tech valuations. I would not call it a peak at all, it is just the beginning,” he said, contrary to some expert predictions of a “bubble” in technology valuations.
PIF pledged to commit $45 billion to the Vision Fund.
Son said that the fund had made some 15 investments in its first five months.
“People said that $100 billion is too much to put into a single fund, but I say it’s too little. I would like to do more of a similar size.
“The next one will not take five years. Each fund will be roughly the same size, but we will launch them more frequently,” he said.
“People call me an optimist, people say I’m crazy, but I take it as a compliment,” he said.
Son, who almost went bankrupt in the dot com bust of 2000, said that then was the perfect time to invest in hi-technology. “If I had any money, I would have bought then,” he said.
He was speaking after Crown Prince Mohammed bin Salman unveiled plans for a $500 billion megacity called Neom in the north west of the country bordering Jordan and Egypt.
“I’m very excited to be part of Neom, and by the role we will be playing in it with the Kingdom,” he added.
He also told how the Crown Prince had first talked to him about technology investment in Tokyo.
“People says that I convinced him to put $45 billion into the fund during a 45 minute conversation, but that is not how it happened. He already had the idea to go for artificial intelligence, robots and super technology, and we found we had a lot in common. That’s how we created a friendship, partnership and a bonding of the mind,” he said.
“It is a great dream. All the dreamers come to a new place, and we will create that at Neom,” Son said.
He mapped out a future for the business world where artificial intelligence and robotics would become the driving commercial forces.
“Ten years ago, the only technology company in the top ten biggest in the world by market capitalization was Microsoft. Today, there are seven tech companies in that list, and two of them are Chinese,” he said.
“Artificial intelligence will redefine every industry. The Internet is only a small part of the big change. AI will revolutionize all sectors,” he added.


Tabuk military exhibition: Jump in, buckle up and take off

An aircraft cockpit fitted out with PlayStation DR technology will allow visitors to share the experience. (SPA)
Updated 16 February 2019
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Tabuk military exhibition: Jump in, buckle up and take off

  • The Royal Saudi Air Force is offering the activity as part of the third Armed Forces Exhibition for Diversification of Local Manufacturing, inaugurated on Thursday

JEDDAH: It is one of the most demanding skills in modern combat.
Now visitors to a military exhibition in Tabuk will get the chance to command a fighter plane and take part in a simulated air battle.
The Royal Saudi Air Force is offering the activity as part of the third Armed Forces Exhibition for Diversification of Local Manufacturing, inaugurated on Thursday.
An aircraft cockpit fitted out with PlayStation DR technology will allow visitors to share the experience of fighter pilots taking off and joining in supersonic aerial combat.