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.


LA Italian eatery Amadeo delights the palate in Riyadh Season pop-up

Updated 15 December 2019

LA Italian eatery Amadeo delights the palate in Riyadh Season pop-up

  • Despite minor setbacks he faced while setting up, Vietina considers the experience to be a positive one

RIYADH: Renowned Italian restaurant Amadeo has opened up in Al-Murabba for Riyadh Season. 

The pop-up has started brightly, and head chef Gianni Vietina invited Arab News to sample the menu and chat about his experience.

Vietina, in Saudi Arabia for the first time, said that he loved the location he had set up in, and was very happy to be opening up in the Kingdom. 

“The location is gorgeous. At night, with all the lights on, the music going, it’s very nice.”

Despite minor setbacks he faced while setting up, Vietina considers the experience to be a positive one and that the response was even better than he had expected. 

“Like anything new, you have quests, you have problems. Up to now, we’re doing pretty good. We are up and running. We’re comfortable now, which is a shame as we’re leaving pretty soon,” he said.

He added that he would repeat the experience in a heartbeat if he could: “They were nice enough to ask me to stay in Saudi a little longer, but I can’t. I need to go back home. But I would love to come back.”

He said that while he was not planning to open up a permanent restaurant in Saudi Arabia, he would not rule it out completely.  “I’ve been offered options, and friends have offered to show me locations while I’m here, but I can’t do it right now, I just opened a new restaurant two months ago,” he said.

“I chose the dishes that I know that most of the Saudis that visit my restaurant in Los Angeles like.”

Gianni Vietina, Head chef of Amadeo

The pop-up’s menu contains most of what the original restaurant offers, including his ever-popular penne amadeo and spaghetti bolognese, with the chefs using a combination of imported and locally sourced ingredients. 

“I chose the dishes that I know that most of the Saudis that visit my restaurant in Los Angeles like,” he told Arab News.

For the pop-up, Vietina has stuck to using halal and alcohol-free ingredients. 

“It was challenging at the beginning. But the bolognese at Amadeo doesn’t contain pork, and I realized after we tried cooking without wine that almost nothing changed. I actually prefer it,” he said.

Amadeo is a favorite of Saudis visiting Los Angeles, with Vietina going so far as to describe the restaurant as a “Little Riyadh” on most evenings between July and September. 

He even recognizes some of the customers who have come into the Riyadh pop-up, and always stops over to greet them.

Upon sampling the menu, it’s easy to see why the food at Amadeo has remained popular all these years. 

The eggplant parmigiana is a perfect blend of crusty cheese and silky smooth eggplant, with hints of basil and rosemary. 

The bolognese is rich, meaty and decadent, without being too heavy and greasy. And the penne Amadeo, which Vietina has been eating since his childhood, is a timeless classic of crushed tomato, basil, finished off with butter and Parmigiano Reggiano for a creamy, rich flavor.