Saudi Arabia's sovereign wealth fund has bought minority stakes in major American companies including Boeing, Facebook and Citigroup, a regulatory filing showed, giving it a portfolio of nearly $10 billion in U.S.-listed stocks.
DUBAI/BENGALURU - Saudi Arabia’s sovereign wealth fund has bought minority stakes in major American companies including Boeing, Facebook and Citigroup, a regulatory filing showed, giving it a portfolio of nearly $10 billion in U.S.-listed stocks.
The PIF disclosed stakes worth $713.7 million in Boeing, ABOUT $522 million in Citigroup, $522 million in Facebook, $495.8 million in Disney and $487.6 million in Bank of America, the U.S. Securities and Exchange Commission filingThe PIF has a nearly $514 million stake in Marriott and a small holding in Berkshire Hathaway, according to the filing. The PIF also disclosed an $827.7 million stake in oil company BP, which has American Depository Receipts listed in the United States.
“PIF is a patient investor with a long-term horizon. As such, we actively seek strategic opportunities both in Saudi Arabia and globally that have strong potential to generate significant long-term returns while further benefiting the people of Saudi Arabia and driving the country’s economic growth,” the sovereign wealth fund said in a statement.
The PIF disclosed an 8.2% stake in coronavirus-hit Carnival Corp in April, sending the cruise operator’s shares nearly 30% higher.
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