Arab News, Wednesday, Aug 18, 2021 | Muharram 9, 1443
Saudi PIF raises stake in US equities to $15.9 bn after Activision deal
Saudi Arabia:
Saudi Arabia’s Public
Investment Fund has increased its ownership of equities in the US market to
nearly $15.9 billion by the end of the second quarter this year.
This was after the sovereign wealth fund said it
raised its stake in US video game company Activision Blizzard by 13.3 percent to
37.9 million shares, Argaam reported citing a Securities and Exchange Commission
filing.
PIF also has a stake in the second-biggest gaming
company in the US, after Activision Blizzard, Electronic Arts, owning around 14
million shares.
The fund plays an important role in Saudi Arabia’s
plan to transform its economy by creating new sectors and diversifying its
revenue streams.
It plans to increase its assets to $1 trillion by
2025, which would make it one of the world’s biggest sovereign wealth funds.