Japanese tycoon to launch $100bn-fund during Trump Saudi visit

Japanese tycoon to launch $100bn-fund during Trump Saudi visit
Japan's richest man, Masayoshi Son will accompany the US president on his first foreign visit to Saudi Arabia, to launch the world's largest private equity fund in Riyadh.
2 min read
19 May, 2017
Masayoshi Son has pledged to create 50,000 jobs in the US [Getty]

Japan's richest man Masayoshi Son is set to accompany the US President on his visit to Saudi Arabia on Saturday, six months after the pair met at Trump Tower in Manhattan.

Son, who heads Japan's SoftBank Group Corp, is expected to launch a $100 billion Vision Fund during the president's official trip to Riyadh. The fund is the world's biggest private equity fund, which Son describes as essential for preparing his company for a data "gold rush" that is expected to occur as the world's economy becomes more digitised.

"The Vision Fund has created a framework for SoftBank to grow over the next 100, 200 and 300 years," Son said earlier this year. "The next 10 years would be the time for me to put the plan into practice while grooming successors."

The Japanese business tycoon will meet with global chief executives at a forum in Riyadh on Saturday.

Son was one of the first Asian billionaires to visit and congratulate Trump on his election victory in November. He also pledged to invest $50 billion in the US and create 50,000 new jobs, in line with Trump's promise to boost the US economy through agreements with individual companies.

SoftBank Group shares surged after Son's December meeting with Trump and his announced investment.