Abu Dhabi

Mubadala Investment Company, the Abu Dhabi based strategic investment fund, on Saturday confirmed that it has made a $15 billion (Dh55.05 billion) commitment to the SoftBank Vision Fund, a major technology and innovation focused fund, alongside a consortium of leading investors.

The signing of the SoftBank deal took place in Riyadh on the sidelines of US President Donald Trump’s visit to Saudi Arabia on Saturday.

The SoftBank Vision Fund, managed by Japan’s Softbank Group Corp, has raised over $93 billion in committed capital from investors including the Public Investment Fund of Saudi Arabia, Apple Inc, Foxconn, Qualcomm, Sharp Corporation and SoftBank Group Corp.

The Fund is targeting a total of $100 billion of committed capital, with a final close within six months.

The Fund will invest in and support leading companies and exceptional entrepreneurs building software, hardware, and internet platforms in areas such as connectivity, data analytics, artificial intelligence, new forms of computing, and deep science applications.

The Fund will also look for opportunities in how these applications are impacting major global industries including manufacturing, health care, financial services, space, and transportation, Mubadala said in a statement.

Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer & Managing Director, Mubadala Investment Company, said the participation in the SoftBank Vision Fund perfectly complements Mubadala’s strategy as a long-term global investor and partner to the technology sector’s high-growth companies.

“Technology and innovation are central to the UAE’s economic diversification strategy, helping to create entirely new economic sectors and career pathways. We believe the Vision Fund has the scale, expertise, and investors to deploy capital and support the growth of leading technology companies and entrepreneurs.”

Mubadala’s position within the fund will be managed by Mubadala Capital, the financial investment arm of Mubadala Investment Company.

Mubadala has invested in a number of technology related companies including AMD, the Nasdaq-listed multinational known for developing computer processors and related technologies; Globalfoundries, the second largest semiconductor foundry company in the world; Emirates Integrated Communications Company, known as du and Al Yah Satellite Communications Company or Yahsat.

Mubadala also has a joint venture with IBM Watson called Cognit, which provides transformative cognitive computing and evidence based decision making to customers in the Middle East and North Africa.

The company completed its merger with International Petroleum Investment Company in January this year and is now the world’s fourteenth largest fund with $125 billion of assets, according to the Sovereign Wealth Fund Institute.

Masayoshi Son, Chairman & CEO of SoftBank Group Corp. and Chairman of the SoftBank Vision Fund Investment Committee, said: “Technology has the potential to address the biggest challenges and risks facing humanity today. The SoftBank Vision Fund is consistent with this strategy and will help build and grow businesses creating the foundational platforms of the next stage of the Information Revolution.”