A Bloomberg news report has revealed that Softbank will deepen its investment ties with Saudi Arabia by investing about $ 25 billion in new projects in the Saudi’s new city “NEOM“ and in electricity over the next three to four years.
The company aims to distribute the proposed amount to invest in the Kingdom into two parts: the first about $ 15 billion in the new major city and $ 10 billion in Saudi electricity, run by the Kingdom. The Saudi administration plans to diversify the sources of electricity between renewable energy and solar, What the new mega-city depends on.
The total foreign direct investment in the Kingdom last year amounted to $ 7.45 billion, and the policy of the Saudi State aims to attract more foreign capital, to diversify investments away from dependence on non-renewable oil.
Japan’s Softbank Group is seeking to increase its technology and energy assets. The company has merged Sprint and T-Mobile Americas, according to the company’s plan to control the wireless network, after the merger of the third and fourth largest wireless operators in the United States.