The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, nearly tripled its holdings of US-listed stocks to $43.45 billion in Q3 2021, adding shares of Alibaba Group, Walmart and Pinterest.
Its US-listed stock holdings in the quarter that ended Sept. 30 increased from nearly $16 billion in the prior quarter, according to a US Securities and Exchange Commission filing, which added the PIF made 19 new investments.
A new five-year plan would make the fund the leading catalyst for Saudi Arabia’s economic transformation and diversification.
The Fund plans to double its assets to four trillion riyals ($1.07 trillion) by 2025. To boost domestic economy, it plans to inject at least 150 billion riyals annually in the local economy in the next four years.
The five-year strategy would see the fund creating 1.8 million direct and indirect jobs by 2025, from 331,000 by the end of by the third quarter of 2020.
