The Public Investment Fund, which is Saudi Arabia’s sovereign wealth fund, has expanded its holdings in Alphabet, which is the parent company of Google, as well as in Meta, which is the parent company of both Facebook and Instagram. According to a filing made with the United States Securities and Exchanges Commission, PIF increased its stake in Meta by 11%, bringing its total number of shares to over 3.26 million, which is valued at approximately $443 million.
During the quarter that ended in September 2022, it also increased its investment in Alphabet to over 4.26 million shares from the previous level. The worth of its current position is greater than $407 million. In the prior quarter, it had a total of 213,000 shares in Google’s parent company. The sovereign wealth fund is responsible for managing assets worth over 620 billion dollars.
For further information, please visit yourstory Public Investment Fund (PIF) Increases Stake in Meta, Alphabet, Big Five, and Unicorn Sovereign Wealth Fund. Reports from the media also suggest that the fund has purchased new stakes in Compute Health, the company that issues blank checks, and Linde, the industrial gas company that has the largest market share and revenue in the world. The value of the PIF’s total investments in US equities as of the third quarter was over $36.8 billion, according to the data provided by the US Securities and Exchanges Commission. These investments were spread across a portfolio of over 53 different companies.
The Public Investment Fund (PIF) is at the heart of the Kingdom of Saudi Arabia’s Vision 2030 plan to lessen the country’s reliance on its oil-based economy. The PIF aims to more than double the value of its assets to more than $1.07 trillion as part of this strategy, which was announced by the KSA. In addition, the PIF plans to commit more than $40 billion to the development of the economy of the region until 2025.
In addition, as part of its primary domestic strategy, the fund is planning to concentrate its efforts on thirteen different industries. The fund has already established over 10 new industries, contributed to the creation of over 331,000 new jobs in Saudi Arabia, and launched over 30 new businesses.
