Saudi PIF buys stakes in leading US firms, ups investments to $9.8 bln

The Saudi Public Investment Fund (PIF) acquired stakes in several US companies, such as Boeing Co., Citigroup Inc., Facebook Inc., Walt Disney Co. and Bank of America Corp., data from the US Securities and Exchange Commission (SEC) showed.

The new investments covered various sectors, including oil, energy, banks, telecommunications, technology, aviation, transportation, tourism, media and entertainment, pharmaceuticals, food and beverages.

The Kingdom’s sovereign wealth fund bought a $713.7 million investment in Boeing Co., $522 million positions in both Citigroup Inc. and Facebook Inc. each. It also disclosed holdings of $495.8 million in Walt Disney Co. and $487.6 million in Bank of America Corp.

Other holdings described by the fund include a $514 million investment in hotel owner Marriott International Inc., a $78.4 million stake in Warren Buffett’s Berkshire Hathaway and an $827.7 million stake in British oil giant BP.

The PIF’s investments in the US markets rose to $9.8 billion through 24 companies by the end of Q1 2020.

“PIF is a patient investor with a long-term horizon. We actively seek strategic opportunities both in Saudi Arabia and globally that have strong potential to generate significant long-term returns while further benefitting the people of Saudi Arabia and driving the country’s economic growth,” according to a fund statement.

Moreover, Yasir Al-Rumayyan, the fund’s governor, had earlier expected various investment opportunities to arise after the end of the coronavirus pandemic.

“Once the economy is open and up, I think we will see a lot of opportunities,” he said, giving airlines, energy and entertainment companies as examples.

PIF’s investments in global companies