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2016-10-14 — reuters.com
The plan 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.
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The Public Investment Fund (PIF), Saudi Arabia's top sovereign wealth fund, is set to be the lead investment partner and may invest up to $45 billion over the next five years while SoftBank expects to invest at least $25 billion, the Japanese company said in a statement.
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[Crown Prince Salman] has said he aims to expand the PIF, founded in 1971 to finance development projects in the kingdom and until this year little known abroad, from $160 billion to about $2 trillion, making it the world's largest sovereign fund.
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