Saudi Arabia's Public Investment Fund (PIF) have continued their international investment drive by almost tripling their investment in US-listed stocks.
The Kingdom's sovereign wealth fund finally secured their majority stake in Newcastle United with the Premier League's approval of the £300m takeover last month.
Now, Reuters reports the PIF has increased their holdings in Alibaba Group, Walmart and Pinterest to the tune of $43.5bn in the third quarter.
A filing from the U.S. Securities and Exchange Commission on September 30 confirmed a sizeable increase from their previous holdings of almost $16bn.
The report also outlines that PIF have bought stocks in Just Eat Takeaway.com and Ballard Power Systems.
PIFC were formed in 1971 with the stated intent to provide financing support for projects of strategic significance, which they have subsequently achieved.
In 2015, the PIF began making a number of high-profile investments, including acquiring a 38% stake in South Korea's Posco Engineering & Construction Co.
The sovereign wealth fund's governor Yasir Al-Rumayyan now sits as the Magpies chairman following the takeover, with Amanda Staveley and Jamie Reuben alongside him as the club's directors.
Al-Rumayyan, 51, is also a board member of Saudi Aramco, Uber Technologies Inc., SoftBank Group, Reliance Industries Limited.
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