Tokyo-based SoftBank Group Corporation is hiring Deutsche Bank AG’s Saudi Arabia head to take charge of a new office in Riyadh as the company begins work with the kingdom’s sovereign wealth fund to attract tech start-ups, according to a report in the Wall Street Journal.
According to the report, Saudi national Ziyad Al Ashaikh has already quit Deutsche Bank, although it remains unclear when he will begin working with SoftBank.
The Japanese firm manages the $100 billion Vision Fund, in which Saudi Arabia’s Public Investment Fund (PIF) has a $45 billion stake.
Alshaikh was appointed the general manager of DB’s Saudi branch five years ago. Prior to that, he works in the treasury and wealth management departments of two Saudi financial institutions, National Commercial Bank and JADWA Investments.
In his new role, he will join a number of Deutsche Bank veterans involved in SoftBank, including Director and Executive Vice President Rajeev Misra and Abu Dhabi head Faisal Rahman.
PIF’s stake in the Vision Fund forms part of a large effort to stimulate Saudi Arabia’s tourism, mining and entertainment sectors in a bid to create jobs and transfer technological know-how to the local population.
In March, the Fund and SoftBank announced plans to build a $1 billion solar-generation project in the kingdom, which will eventually become the world’s largest.
The kingdom also has plans to form two more investment funds totalling $18 billion to help encourage overseas investment.
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