Saudi Arabia, SoftBank aim to be world’s No. 1 tech investor with $100 billion fund

DUBAI/TOKYO (Reuters) – Saudi Arabia and Japan's SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world's largest private equity investors and a potential kingpin in the industry. The move is part of a series of dramatic business initiatives launched by Riyadh this year as Saudi Arabia, its economy hurt by low oil prices, deploys huge financial reserves in an effort to move into non-oil industries. Earlier this year, it invested $3.5 billion in U.S. ride-hailing firm Uber, surprising many.

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