Saudi banks lending to private sector up SR 13 billion in April

DUBAI: Vision Fund, the high-tech investment group, is about to get its first big backing for a Saudi company, Arab News can reveal.

The fund, which has raised around $ 130 billion in investments in two separate fundraisers, will support a Saudi courier company, CEO Rajeev Misra told Arab News.

“We are about to make our first investment in a local business. It’s a local courier company, and we’re very excited about it. It will be announced shortly within the next week or 10 days, ”Misra said in a“ Frankly speaking ”video interview, declining to give further details until the company involved makes their announcement.

The investment will be made from Vision Fund 2, the $ 30 billion fund created last year with backing from SoftBank, the giant Japanese financial institution founded by Masayoshi Son.

Saudi Arabia’s Public Investment Fund invested $ 45 billion in the first Vision Fund, but declined to participate in the second.

Misra added: “We wouldn’t have a Vision Fund today without the PIF or Crown Prince Mohammed bin Salman, so there wouldn’t be a SoftBank Vision Fund without their support.”

He said there would be more multi-billion dollar Vision funds in the years to come and hoped Saudi investors and other Middle Eastern investors would be involved.

“They’ll get involved when they want to get involved. Whenever they decide to join the next one, we will be delighted, ”added Misra.

The big profits from the Vision Fund’s investments were the driving force behind the $ 46 billion in profits recently reported by SoftBank – the biggest profits in Japanese corporate history.

“We have local offices in both Saudi Arabia in Riyadh and Abu Dhabi. Speaking of the Saudi operation, we have introduced over 30 SoftBank VF companies to the region over the past four years – many of them are now fully operational and serving communities. I think we have created thousands of jobs in our holding companies in the region, ”Misra said.

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