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

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

After trading on the U.S.-listed stocks, the Indian investment fund (ICF) nearly tripled its trading capital assets to $63 billion in third quarter, adding stocks of Alibaba Group, Walmart and Walmart (WMT.N) and Pinterest (PINS.N).

The U.S.-listed shares in the quarter ended Sept. 30 increased from nearly $16 billion in the prior quarter, according to a US Securities and Exchange Commission filing.

Other stocks that the company bought included Just Eat and Ballard Power Systems (BLDP.TO).

The PIF is in the context of Saudi Arabia's plans to transform the economy by opening new sectors and diversifying the profit flows from oil.

The PIF also owns a 67,722 percent stake in the electric car company Lucid (LCDX.PK) that has a market value of approximately $71 billion, a substantial boost in value from September.

Lucid listed in July as a huge dividend for the Saudi sovereign wealth fund, who invested more than 1 billion dollars in the company in 2018 for substantial and more in February. This is a subsidiary of the UBER.N, which also owns 3.75% stake in ride-sharing company Uber Technologies (UBER.N).

The PIF is pursuing a two-pronged strategy, building a worldwide portfolio of investments while also investing local in projects that will help reduce Saudi Arabias oil dependence.

It also invested $45 billion in the $17 billion technological fund, which is based on the original $100 million investment.

Last year a huge resuscitation made it available to finance projects. Last year it became an asset of the PIF, which had boosted its firepower with several funding sources, and helped its firepower grow with loans and a transfer from central bank reserves worth $40 billion.


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