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Saudi riches back SoftBank's pursuit of IoT supremacy

SoftBank CEO Masayoshi Son, left, and Saudi Arabian Deputy Crown Prince Mohammed bin Salman, chairman of the Public Investment Fund.

TOKYO -- SoftBank Group's alliance with Saudi Arabia on a new technology investment vehicle will fortify CEO Masayoshi Son's war chest with oil money as he strives to carve out a dominant position in the burgeoning "internet of things" industry.

The Japanese tech giant aims to grow the SoftBank Vision Fund to $100 billion but plans to contribute at least $25 billion over five years, or an average of $5 billion a year -- not much more than it usually spends on such investment.

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