Softbank’s exit from Indonesia’s new capital project sees it turn to Saudi Arabia, UAE and crowdfunding

Indonesia is turning to Saudi Arabia and the United Arab Emirates, as well as crowdfunding from its massive population, to develop its new capital city in Borneo after Japanese tech behemoth SoftBank Group pulled out of the US$34 billion project. Coordinating Minister of Maritime and Investment Affairs Luhut Pandjaitan, in revealing SoftBank’s exit, attributed it to “decline in their share price” and Saudi Arabia’s withdrawal of funds from the company’s venture capital arm Vision Fund 2…