USSA International, a subsidiary of the Saudi Public Investment Fund, plans to hire a team of 50 employees for its New York office, as the company is heading to expand its investments in the United States.
According to Arabiya Net, the company, which is wholly owned by the Saudi Public Investment Fund, intends to attract cadres in several areas, including investment research, law and compliance, and the chief of staff, and the company intends to form a team for stock trading at a later stage, according to Bloomberg Agency.
The fund manages a portfolio of US stocks worth about $40 billion, including stakes in companies such as BlackRock, JPMorgan and Uber Technologies.
Earlier this year, the fund invested more than an additional $7 billion in US stocks despite markets being hit by recession fears.
Notably, the Saudi Public Investment Fund has purchased 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.
The fund disclosed stakes worth $464 million in Alphabet, the parent company of Google, $433.6 million in JPMorgan Chase, and $507 million in Zoom, US Securities and Exchange Commission data showed.
The Public Investment 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 buying $474 million in shares.
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 Public Investment 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 shares in Electronic Arts, which He raised his 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.
