This funding marks SoftBank’s first direct investment in a Saudi-based company
The deal marks one of the largest funding rounds for a Middle East technology company
It invested in Reef Technology, a startup that manages hubs in parking lots used for food delivery and other services
SoftBank had acquired ARM in 2016 in a deal worth $32bn
PIF is in need of capital as it embarks on an investment spree that has seen it build stakes in some of the world’s largest companies since the start of the coronavirus pandemic
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