Saudi, Softbank seek investments in New York

Saudi Arabia’s crown prince is expected to obtain investment capital during his visit to New York City, according to a report in CNBC. The Saudi press agency had tweeted a photo of Mohammed bin Salman and Masayoshi Son, the CEO and chairman of Japanese tech investment giant Softbank.

Hashtagged #CrownPrinceinNYC, the tweet said that Prince Mohammed and Masayoshi are “looking for a number of investment opportunities.”

CNBC reported that the Saudi Press Agency did not immediately return a request for confirmation that the meeting took place on Monday.

Saudi Arabia’s sovereign wealth fund is one of the primary investors in Softbank’s roughly $100 billion Vision Fund, which is focused on funding technology ventures, including Uber and Indian e-commerce site Flipkart.

Softbank intends to invest as much as $25 billion in the kingdom in the next few years, Bloomberg reported in November. Much of that money will go towards a new tech-focused city called NEOM announced by Prince Mohammed during an investment summit last fall, according to Bloomberg.

Post visits to Washington and Boston, Prince Mohammed is now in New York City, where he will attend a CEO Summit on Tuesday. The day’s agenda includes a panel on Saudi Arabia’s so-called “giga-projects” like NEOM, said CNBC.


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