Japan's SoftBank Group is looking to raise up to $100 billion from investors in Gulf countries to finance a new wave of investments in artificial intelligence technologies, the Financial Times reported, citing people familiar with the matter.
According to the report, SoftBank chief Masayoshi Son has held talks in recent weeks with several senior officials, including from the United Arab Emirates. The discussions are focused on securing major backing from Middle Eastern partners.
The sources said the company plans to use the proceeds to set up a fund that would acquire companies and improve their operations through artificial intelligence and other advanced technologies.
SoftBank has already been stepping up its AI activity. Last week, the group said it had invested $30 billion in OpenAI in line with commitments it made in the latest funding round for the developer of ChatGPT.
A month earlier, SoftBank also raised $11.1 billion in what the source article described as the largest placement in the history of high-yield corporate bonds.
