Mubadala to invest $15 billion in SoftBank fund

Gartner has forecast global IT spending to jump 2.4 percent in 2017

According to a recent report by Bloomberg, Abu Dhabi’s Mubadala Development Co. is planning to commit $10 billion to $15 billion to Japan’s SoftBank Group and Saudi Arabia’s Public Investment’s (PIF) technology fund.

The SoftBank Vision Fund is set to close in January and will be capped at $100 billion. However, the report noted that no agreements have been reached as yet, and Mubadala hasn’t made a final decision on the amount it will invest. Mubadala and SoftBank still haven’t commented on the subject.

The technology fund has been announced in October last year with SoftBank committing at least $25 billion in the next five years and PIF investing as much as $45 billion.

A number of other tech companies have already confirmed their investments into the fund including Apple who had pledged $1 billion earlier this week. Qualcomm Inc. will also partake, according to reports, however, the terms of its participation are still under discussion. Foxconn Technology and Oracle Chairman Larry Ellison have also expressed interest to contribute.

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