Saudi PIF nearly triples US stock holdings; adds Walmart, Pinterest
- Date: 16-Nov-2021
- Source: Arab News
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi PIF nearly triples US stock holdings; adds Walmart, Pinterest
DUBAI: Saudi Arabiaâs Public Investment Fund nearly tripled its holdings of US-listed stocks to $43.45 billion in the third quarter, adding shares of Alibaba Group, Walmart and Pinterest. Its US-listed stock holdings in the quarter ended Sept. 30 increased from nearly $16 billion in the prior quarter, according to a US Securities and Exchange Commission filing. Other stocks it bought included Just Eat Takeaway.com and Ballard Power Systems. The PIF, which manages $430 billion in assets, is at the centre of Saudi Arabiaâs plans to transform the economy by creating new sectors and diversifying revenues away from oil. The PIF also owns a 62.72 percent stake in electric car company Lucid, which has a market value of about $71 billion, a significant boost in value from the end of September. Lucidâs listing in July was a huge dividend for the Saudi sovereign wealth fund, which invested more than $1 billion in the company in 2018 for a substantial stake and invested more in February. The PIF also owns a 3.75 percent stake in ride-sharing company Uber Technologies. The PIF is pursuing a two-pronged strategy, building an international portfolio of investments while also investing locally in projects that will help reduce