Saudi’s sovereign wealth fund, a Public Investment Fund (PIF) has acquired more than 5 million shares in Walt Disney at a value nearly $500 million. It has also purchased more than 3 million shares in Facebook valued at $520 million. And bought shares in other major corporations worth half a billion dollars each. These other corporations include Marriott International Inc. and Cisco Systems Inc. This was according to the US regulatory filing on Friday.
In addition, the fund invested $522 million worth of financial stock in Citigroup Inc., and $488 million worth of financial stocks in Bank of America Corp, with a $714 million stake in Boeing CO. The Saudi Arabia $300 billion PIF has since emerged as the biggest bargain hunter in the world. All the purchases have been reported in a filing with the Securities and Exchange Commission. The Friday filings only disclosed the fund’s public holdings.
Saudi’s crown prince, Mohammed bin Salman initiated the sovereign-wealth fund in 2015 to diversify the country’s economy away from oil by investing in hydro-carbon free companies and industries. The fund is so far one of Saudi’s most substantial economy strategies, especially in such a time as this when global oil prices and demand have fallen due to the coronavirus pandemic.
source : https://www.investingport.com/saudi-arabia-sovereign-wealth-fund-invests-in-disney-and-others/
In addition, the fund invested $522 million worth of financial stock in Citigroup Inc., and $488 million worth of financial stocks in Bank of America Corp, with a $714 million stake in Boeing CO. The Saudi Arabia $300 billion PIF has since emerged as the biggest bargain hunter in the world. All the purchases have been reported in a filing with the Securities and Exchange Commission. The Friday filings only disclosed the fund’s public holdings.
Saudi’s crown prince, Mohammed bin Salman initiated the sovereign-wealth fund in 2015 to diversify the country’s economy away from oil by investing in hydro-carbon free companies and industries. The fund is so far one of Saudi’s most substantial economy strategies, especially in such a time as this when global oil prices and demand have fallen due to the coronavirus pandemic.
source : https://www.investingport.com/saudi-arabia-sovereign-wealth-fund-invests-in-disney-and-others/
