Saudi SWF acquires millions of shares in US tech giants

Getty Images

Saudi sovereign wealth fund bought 213,000 class A shares in Alphabet, seven million class A shares in Zoom and 1.8 million shares in Microsoft

Staff Writer, Arab Finance

August 23, 2022

PHOTO

ArabFinance: The Saudi Public Investment Fund (PIF) acquired shares in a group of US-based technology giants including Google, Alphabet, Zoom Video, and Microsoft, Reuters reported on August 16^th.

The Saudi sovereign wealth fund (SWF) bought 213,000 class A shares in Alphabet, seven million class A shares in Zoom and 1.8 million shares in Microsoft.

The fund also bought 3.9 million shares in JPMorgan, 741,693 shares BlackRock, and 6.3 million shares in Starbucks.

Thus, the Saudi SWF brought up the value of its investment portfolio to around $40.8 billion at the end of second quarter (Q2) of 2022.

Established in 1971, the PIF grew to become one of the biggest investment institutions around the world with total assets under management amounting to $620 billion at the end of Q1 2022.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.