Saudi PIF nearly triples US stock holdings, adds Alibaba, Walmart



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Saudi PIF nearly triples US stock holdings, adds Alibaba, Walmart

Saudi Arabia’s Public Investment Fund (PIF), the sovereign wealth fund of the oil-rich OPEC-kingpin, had roughly tripled its stakes in US-listed holdings to $43.45 billion over third quarter of the year that ended on September 30, while PIF had reportedly added new stakes in Alibaba Group, the Chinese e-commerce giant holding a roughly 60 per cent market share in China’s much-monopolized online marketplace and the United States’ largest brick-and-mortar retailer Walmart Inc alongside Pinterest among others.

According to a filing with US SEC (Securities and Exchange Commission), the Saudi PIF, one of the world’s largest state-backed investment funds having had an estimated $430 billion worth of assets under its management, had perked up its stakes in US-listed entities to $43.45 billion as beforementioned over July-to-September quarter compared to a $16 billion in second quarter.

Aside from Walmart Inc., Alibaba Group alongside Pinterest, the Saudi PIF had purchased stakes in Just Eat Takeaway.com and Ballard Power Systems.

Saudi PIF stakes of US-listed entities triple in Q3, 2021

If truth is to be spoken, the Public Investment Fund of Saudi Arabia, has been a centerpiece of Crown Prince Mohammed bid Salman’s plan to shift the country’s revenue-source away from fossil-fuels, eventually diversifying the economy.

More importantly, Saudi PIF holds a majority 62.72 per cent stake in electric car manufacturer Lucid Motors whose market valuation stood at about a whopping $71 billion according to Friday’s Wall Street closing price, marking off a significant move considering Lucid Motors’ growing market share in a highly clogged global EV industry.

Meanwhile, addressing to Lucid Motors’ stellar public market debut in July this year, a managing director at Global SWF, Diego Lopez said, “The Q3 figure is indeed significantly larger than Q2, but most of the increase is due to Lucid Motors' IPO in July”.