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

Masayoshi Son. (AFP)
Updated 26 October 2017

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.

Saudi rural tourism recovers after months of forced isolation

Updated 11 July 2020

Saudi rural tourism recovers after months of forced isolation

  • Saudis turn to domestic traveling and flock to their nation’s cooler cities and rural areas

TAIF: As Saudi citizens turn to domestic tourism in the country’s summer resorts, adapting to the coronavirus disease (COVID-19) pandemic, rural areas have become targeted by local tourists wishing to get away from the soaring temperatures in most of the Kingdom’s cities.

Visitors are now choosing cold Saudi cities instead of Europe, which they are accustomed to visiting, such as Taif, Al-Baha, and Abha.

COVID-19 has postponed all plans to travel abroad, and attention has now focused on domestic tourism amid strict health protocols in parks, gardens and recreational areas.

Walid Al-Hamidi, vice president of the Tourism Development Council, confirmed to Arab News that Asir, with its facilities and attractions, was ready to receive summer visitors from across the country.

He said that under the directives of Asir's governor, who supervises all activities and events directly and constantly, many committees had been formed to prepare a successful summer tourism season, to optimize the opportunity and allow people to enjoy the exceptional ambiance of Asir.

“A comprehensive tourism plan was set up two years ago, which resulted in a successful Al-Soudah Season with the support of Asir’s Investment Authority,” Al-Hamidi added.

He noted that Asir’s directives aimed this year to build an exceptional tourism model that meets optimal health standards in dealing with COVID-19.

The model is supported by the “Nashama Asir” team — consisting of 4,000 volunteers — who have been trained for months and have all the necessary skills to make the season successful. Their work will continue until the end of the pandemic and throughout the summer.

“Everyone is ready at public facilities, gardens and parks, to serve tourists,” he said, adding “tourists coming from all the over the Kingdom will be welcomed with smiles, enhanced services, and warm welcomes.”

Dr. Sami Al-Obaidi, chairman of the Chamber of Commerce and Industry in Taif, told Arab News that the tourism sector was the economic backbone of any country or city.

He said that Taif was considered one of the most important tourist cities, given its many attractions  that made it top of any list of places to visit in the Kingdom.

“Suspending travel abroad, and limiting tourism … due to the coronavirus pandemic, makes us, as officials and citizens in Taif, well placed for a beautiful and safe tourism season for Taif’s citizens and visitors,” said Al-Obaidi.

“Meetings are held around the clock, headed by Saad Al-Maimouni, the governor of Taif, with the participation of the relevant authorities.”

He expected all sectors, especially tourism, hospitality and a few other businesses in Taif, to recover to some extent during this season, especially now tourists have already started flocking to the region, with numbers set to increase over the coming weeks.