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Japanese telecommunications firm SoftBank in conjunction with its Saudi partners has announced that it has raised almost $100bn in pledges as part of its ongoing efforts to launch a major global fund for long-term, high-tech investments.

The initiative which has been entitled ‘The SoftBank Vision Fund’ has received donations from industry leaders such as Apple, Qualcomm and Foxconn - and has accumulated pledges totaling more than $93 billion so far, a spokesperson for the fund confirmed.

A spokesperson for the global fund for high-tech investments said the target of the fund is to reach $100bn. In a statement issued to the press, it said: “The fund is targeting a total of $100 billion of committed capital, with a final close within six months.”

SoftBank first disclosed the details of its partnership with Saudi Arabia back in October, with its founder Masayoshi Son declaring that he was firmly focused on areas such as the Internet of Things, Artificial Intelligence and Robotics. Softbank’s founder was one of the first prominent businessmen to meet with the US president-elect Donald Trump following his sensational election in November.

Son pledged to invest $50bn in the US which would create thousands of jobs as a result was wholesomely praised by Trump. This latest announcement from SoftBank comes as Trump prepares to visit Saudi Arabia as part of his first overseas tour as president of the United States.

In a statement issued to the press, Son stated that he felt technology had the potential to address some of the biggest challenges facing the world presently. He said, “Technology has the potential to address the biggest challenges and risks facing humanity today. The SoftBank Vision Fund will help build and grow businesses creating foundational platforms of the next stage of the information revolution.”

SoftBank has said it will put up about $25 billion for the Vision Fund over the next five years, while the Saudi public investment fund's contribution could reach $45 billion.