Saudi Arabia's PIF increases stake in Alphabet, Meta
Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has increased its investments in Alphabet, Google's parent company, and Meta, the parent company of Facebook and Instagram. A filing by the US Securities and Exchanges Commission showed PIF had raised its stake by 11% in Meta to over 3.26 million shares, valued at about $443 million.
It also pumped up its investment in Alphabet to over 4.26 million shares in the three-month period ending September 2022. The value of its position exceeds $407 million. In the previous quarter, it had 213,000 shares in Google's parent. The sovereign wealth fund manages over $620 billion in assets.
Media reports also suggest the fund has bought new stakes Compute Health, the blank cheque company, and Linde, the world's largest industrial gas company by market share and revenue. According to the US Securities and Exchanges Commission, the value of the PIF's total investments in US equities in the third quarter is over $36.8 billion, across a portfolio of over 53 companies.
The PIF is at the centre of the kingdom's Vision 2030 aim to diversify Saudi's economy and reduce its reliance on oil. Under this strategy that the KSA announced, the PIF seeks to double the value of its assets to over $1.07 trillion and additionally commit over $40 billion to develop the region's economy until 2025.
The fund is also looking to focus on 13 sectors as a part of its core domestic strategy. The fund has already created over 10 new sectors, created over 331,000 jobs in Saudi and has set up over 30 new companies.
Edited by Affirunisa Kankudti