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 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”.