Saudi Arabia’s wealth fund nearly triples US stock investments to more than $43bn – The National

Saudi Arabia’s wealth fund nearly triples US stock investments to more than $43bn – The National

Saudi Arabia's sovereign wealth fund nearly tripled its holdings of US stocks to more than $43 billion in the third quarter, investing in a variety of companies from e-commerce and FinTech to biotechnology and fuel cell-powered commercial vehicles.

The Public Investment Fund, which manages more than $430bn in assets, increased its investments in US equities from about $15.94bn in the second quarter this year, according to a Securities and Exchange Commission filing.

The fund's investment in electric car company Lucid, which went public in July, is worth about $26bn. The fund had invested more than $1bn in the company in 2018 for a major stake. It currently owns about 63 per cent of the company. The PIF retained its 72.8 million shares in Uber, which were worth about $3.26bn at the end of the third quarter.