Saudi Tech Fund Becomes World’s Largest

IAS Prelims 2023

Private equity fund in Saudi Arabia has become the world’d largest fund as it raises over $93 billion to invest in technology sectors such as artificial intelligence and robotics.

This fund is backed by Japan’s Softbank Group and Saudi Arabia’s main sovereign wealth fund.

In addition to Softbank and Saudi Arabia’s Public Investment Fund (PIF), the new fund’s investors include Abu Dhabi’s Mubadala Investment, which has committed $15 billion, Apple Inc, Qualcomm, Taiwan’s Foxconn Technology and Japan’s Sharp Corp.

The new fund said it would seek to buy minority and majority interests in both private and public companies, from emerging businesses to established, multi-billion-dollar firms. It expects to obtain preferred access to long-term investment opportunities worth $100 million or more.

Other sectors in which the fund may invest include mobile computing, communications infrastructure, computational biology, consumer internet businesses and financial technology.