Riyadh-The Japanese SoftBank Group Corp. (SBG) has announced plans to establish the SoftBank Vision Fund, a new technology investment fund that could grow as large as $100 billion and in which Saudi Arabia will consider investing up to $45 billion, to become the biggest partner in the group.

The Fund will be managed in the UK by a subsidiary of SBG and will deploy capital from SBG and investment partners. The Fund will aim at becoming one of the largest of its kind.

Speaking from his office in Riyadh on Thursday, Deputy Crown Prince Mohammed Bin Salman said: “We are delighted to sign this MOU with SBG given the long history, strong investment performance of SBG and our exceptional relationships with the group and its CEO, Masayoshi Son.”

SBG had concluded a non-binding memorandum of understanding last October with the Saudi Public Investment Fund (PIF), under which PIF will consider investing in the Fund.

The Deputy Crown Prince, who is also chairman of PIF, said that the PIF is focused on achieving attractive long-term financial returns from its investments at home and abroad, as well as supporting the Kingdom’s Vision 2030 strategy to develop a diversified economy.

During his meeting with the Deputy Crown Prince, Chairman & CEO of SoftBank Group Corp., Masayoshi Son said: “With the establishment of the SoftBank Vision Fund, we will be able to step up investments in technology companies globally. Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector. We will further accelerate the Information Revolution by contributing to its development.”