Saudi Arabia's Public Investment Fund (PIF) has bought minority stakes in a string of major US companies such as Alphabet, JP Morgan, American Tower Corporation, Amazon and Zoom, according to a regulatory filing.
According to Arab Net, the fund revealed stakes worth $464 million in Alphabet, the parent company of Google, $433.6 million in JPMorgan Chase, and $507 million in Zoom, according to data from the US Securities and Exchange Commission.
The government fund builds an international investment portfolio while also investing locally in projects that will help reduce Saudi Arabia's dependence on oil, and has assets under management estimated at $620 billion.
By the end of the second quarter, the fund's holdings of listed US stocks fell 7.1% to $40.7 billion, according to Bloomberg data.
He raised his stake in Meta Platforms to 2.9 million shares from approximately 418,000 shares by purchasing shares worth $474 million.
The data revealed that the fund included 16 new companies in its list of investments, including 4.7 million shares in Zoom, worth $507.2 million, representing 1.9% of the company’s shares, and 1.04 million shares in Costco Wholesale Corp, worth $496.8 million.
The fund's new holdings also included 6.37 million shares in Netextra Energy, valued at $493.3 million, and 6.31 million shares in Starbucks, valued at $482.3 million.
The fund bought shares in Microsoft, Alphabet, BlackRock, Home Depot and Salesforce.
The fund also bought $493 million in PayPal shares, raising its stake to 7.1 million shares from 910,929, and invested $432 million in Amazon, raising its stake to more than 4 million shares, and $1.94 billion in Electronic Arts, raising its stake. to more than 16 million shares.
He invested $646 million in Air Products and Chemicals, raising the stake to 2.7 million shares.
The Public Investment Fund reduced its holdings of one company, Visa, by 23%, bringing its ownership to 1.1 million shares, valued at $216.8 million.
