Saudi Arabia’s $300 billion sovereign-wealth fund has turned out to be one of the largest bargain hunters, buying minority in some of the major American companies and corporations like Facebook, Boeing Co, and Citigroup Inc.
According to a U.S regulatory filing, the Public Investment Fund (PIF) is taking advantage of the vulnerable markets in the Covid-19 pandemic’s financial fallout, buying shares worth half a billion dollars each in Cisco Systems, Facebook, Marriott International, and Walt Disney. The PIF also invested in oil companies by buying shares for the first three months of the year.
The PIF invested $714mn on a stake in Boeing, $522mn in Facebook, $488mn in Bank of America, and $522 in Citigroup. The fund is focusing on piling on global stocks despite the current coronavirus pandemic and the precarious financial condition of Saudi Arabia.
As per a tweet by Ali Al-Salim, the co-founder of Arkan Partners, mentioned- The Saudi sovereign fund went shopping in Q1, along with holding around $10bn in U.S. listed equities.
Last week, the Saudi government tripled the rates for the value added tax and cut subsidies to many state employees to brace for the low crude revenue and weakening economical conditions.