NEW YORK (Kyodo) -- Apple Inc. will join the $100 billion technology fund to be launched by Japan's SoftBank Group Corp., along with other major investors, according to media reports Friday.
Masayoshi Son, SoftBank's chief executive, travels to Riyadh this weekend, coinciding with a trip by U.S. President Donald Trump, and is expected to announce the close of the first round of fundraising for what will be the world's biggest private equity fund, backed by Saudi Arabia's sovereign wealth and Apple, Reuters news agency reported.
Major U.S. telecommunications equipment company Qualcomm Inc. is also expected to invest in the fund, according to the Wall Street Journal.
Japanese telecommunications and internet service heavyweight Softbank said last October that it will set up an investment fund for the technology sector that could reach up to $100 billion.
When Son met with Trump last December, the CEO said his company planned to invest $50 billion in the United States and pledged to create 50,000 new jobs, using the $100 billion fund.
Japanese display maker Sharp Corp. has said it will take part in the fund.