Yossi Cohen, the former chief of Israeli spy agency Mossad, is becoming head of the new office of the Saudi-backed conglomerate SoftBank in Israelinfo-icon, a report says.

Citing unnamed sources, the Israeli businessinfo-icon newspaper Globes reported on Friday that SoftBank, a Japanese multinational conglomerate holding company led by Masayoshi Son, was appointing Cohen to head its new office in the occupied Palestinian territories.

Back in May 2017, Tokyo-based SoftBank and the Public Investment Fund of Saudi Arabiainfo-icon (PIF), which is the Arab kingdom's main sovereign wealth fund, jointly created the Softbank Vision Fund. The joint venture is the worldinfo-icon's largest technologyinfo-icon-focused private equity fund with a capital of $93 billion.

Saudi officials reportedly cancel the visit of Israeli spy chief after details of meeting between Netanyahu and Crown Prince Mohammed bin Salman were leaked.Having invested huge sums into companies such as Uber, Alibaba, and TikTok, SoftBank is seen as the world's leading technology fund.

This is the second investment giant within three months to open a representative office in Israel, after Blackstone.

According to the daily, although Cohen does not have a background in investment, he is a well-known and popular figure in Israel, capable of connecting to Israeli entrepreneurs and opening doors for them in any company, government, or public authority in any territory.

Israeli prime minister Benjamin Netanyahu has named intelligence operative David Barnea as the new chief of the Mossad spy agendy.His duties would include managing SoftBank's activity in the occupied Palestinian territories and looking for investments.

Cohen has served as the head of Mossad since January 2016. He has reportedly served as former Israeli Prime Minister Benjamin Netanyahu's special envoy for various tasks. Netanyahu reportedly sees him as his preferred successor.

Cohen played an important role in the Israeli regime's normalization deals with a number of Arab states. He traveled to the United Arab Emiratesinfo-icon and Bahraininfo-icon

The ex-Mossad chief reportedly joined Netanyahu on a 2020 visit to Saudi Arabia for talks with Crown Prince Mohammed Bin Salman.