SoftBank Group founder and chief executive Masayoshi Son is seeking to raise up to $100 billion to expand the company’s artificial intelligence (AI) ambitions, with potential investors in the Gulf region being considered for partnerships.
According to the *Financial Times* (FT), Son has held discussions with senior figures across the Middle East, including the United Arab Emirates (UAE), about possible fundraising.
However, the discussions are ongoing, and there is no guarantee that they will result in investment agreements. The FT did not identify any companies or individual investors involved in the talks.
The proposed funding would support the establishment of a fund to acquire companies and use AI and other advanced technologies to improve their operations, according to sources cited by the newspaper.
SoftBank’s AI and robotics business, Roze, is expected to play a key role in the proposed initiative if it goes ahead. The company is also planning to take the unit public.
The fundraising effort would add to SoftBank’s existing commitment to AI, including a $65 billion investment in OpenAI.
The potential move comes amid growing investment interest in AI across the Gulf, where countries are seeking to diversify their economies by expanding into technology-related industries.
UAE-based G42 and MGX are among the organisations investing substantial sums in AI development.
Son has previously sought investment from Gulf-based institutions. In 2017, UAE sovereign wealth fund Mubadala and Saudi Arabia’s Public Investment Fund partnered with SoftBank on its original Vision Fund.
The latest fundraising discussions would build on that history of partnerships as SoftBank seeks additional capital to advance its AI strategy.
