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Feb 20, 2024 - 15:49
By asia.nikkei.com

SoftBank to set up robotics venture with Saudi Arabian company

TOKYO -- SoftBank Group on Tuesday said it will establish a robotics joint venture with a unit of Saudi Arabia's sovereign wealth fund to manufacture industrial robots.

The deal is part of a strategic partnership between technology investor SoftBank and Alat, a newly established unit of Saudi's Public Investment Fund, according to a news release. The two sides will invest up to $150 million "to establish a fully automated manufacturing and engineering hub in Riyadh that will serve local and global demand".