Arab News, Wednesday, May 18, 2022 | Shawwal 17, 1443
Saudi PIF cuts ownership of US-listed stocks 22% to $43.6bn in Q1
Saudi Arabia: Saudi Arabia’s
Public Investment Fund has reduced its ownership of US equities by 22 percent to
$43.6 billion by the end of the first quarter of 2022, against $55.9 billion it
held a quarter earlier.
PIF cut its stake in three companies —Visa Inc., Plug Power, and Walmart, Argaam
reported, citing a filing by the US Securities and Exchange Commission.
However, it increased its holdings in Take-Two Interactive, PayPal, Alibaba, and
Farfetch Ltd.
While it exited its stake in Just Eat Takeaway.com, five new investments were
made by the sovereign fund in Carnival, Babylon, SIGNA Sports United NV, Meta
Platforms, and Sea Ltd.
Most recently, PIF announced the launch of Saudi Coffee Co., aimed at turning
Saudi coffee beans into a global product with $320 million to be invested in the
next 10 years.