Japan and Saudi Arabia are creating an investment fund

Saudi Arabia and Japan's SoftBank Group are going to create a technology investment fund that could grow as large as $100 billion, making it one of the world's largest private equity investors.

The Memorandum of Understanding was signed by these organizations. 

Both SoftBank and the PIF have been stepping up their investments in the tech sector. Earlier this year SoftBank purchased UK chip designer Arm Holdings, in a £24bn deal that marked the biggest acquisition of a European tech company.

SoftBank Chairman Masayoshi Son said in the statement: «Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector».

Moreover, SoftBank Chairman and Chief Executive Officer Masayoshi Son declared: «We aim to accelerate information revolution by contributing to the development of technology companies in which we plan to invest».