SoftBank targets $100 billion in Gulf funding for AI
The move
SoftBank Group is reportedly targeting up to $100 billion in Gulf funding to scale its AI ambitions.
Founder and CEO Masayoshi Son has held discussions with senior figures across the Middle East, including in the UAE, about possible fundraising, according to the Financial Times. The report said there is no guarantee the talks will lead to agreements, and it did not name any companies or individual investors.
What SoftBank would do with the capital
According to the report, Son is looking to use the cash to establish a fund that would buy companies and apply AI and other advanced technologies to improve their operations.
SoftBank’s AI and robotics business, Roze, is expected to play a key role if the plan proceeds. The company is also planning to take the unit public.
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Roze AI is listed on the Nasdaq Capital Market under the ticker RZAI. Its SEC filing describes a British Columbia-incorporated holding company, distinct management of its Korean subsidiary, and B2B, B2G and B2C marketing channels.
The Gulf context
There is also a drive across Gulf nations to invest in AI and diversify economies into technology-related fields. The source specifically points to UAE-based G42 and MGX as companies putting substantial sums into development.
SoftBank’s reported target also sits alongside a $65 billion bet the company has made on OpenAI.
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