Saudi Arabia’s sovereign wealth fund has invested hundreds of millions of dollars in several US companies, according to a new filing. The Gulf kingdom continues to aggressively pursue economic diversification with its investments.
The Public Investment Fund disclosed the following holdings through stocks, among others, according to a U.S. Securities and Exchange Commission filing yesterday:
- $464 million in Alphabet, which owns Google
- $432 million on Amazon
- $451 million in controversial investment firm Blackrock
- $433 million in JPMorgan Chase
- $474 million in Meta, which owns Facebook
- $473 million in Microsoft
- $492 million in PayPal
- $482 million in Starbucks
- $1.4 billion in video game developer Take-Two Interactive
- $1.5 billion in Uber
- $96 million at Walmart
The filing was made yesterday, but is dated June 30. The US stock market has fallen significantly this year.
Why it matters: The Public Investment Fund is headed by Crown Prince Mohammed bin Salman, who is leading the kingdom’s efforts to diversify and reduce its dependence on oil.
Many of the aforementioned investments are in sectors that the Public Investment Fund has already shown interest in, such as video games. The fund bought a 5% stake in Japanese video game giant Nintendo earlier this year. In January, the Public Investment Fund announced the creation of a competitive video game group.
The fund already held shares in some of the companies. For example, he already had 418,000 shares of Meta, and now owns 2.9 million shares, according to business media Zawya.
In general, state entities in Saudi Arabia prioritize investments in futuristic technologies. In February, Saudi state oil company Aramco announced a major investment in blockchain technology. In April, Aramco agreed to support an artificial intelligence center in the kingdom.
Oil, however, remains an important part of the Saudi economy. This week, Aramco reported record second-quarter profit of $48 billion amid historically high oil prices this year.
Learn more: One of the most talked about recent investments at the Public Investment Fund is the LIV Golf League, which has successfully signed some of the biggest names in the sport, despite controversy.