Saudi PIF cuts ownership of US-listed stocks 22% to $43.6bn in Q1

RIYADH: Saudi Arabia’s Public Investment Fund has reduced its ownership of US equities by 22 percent to $43.6 billion by the end of the first quarter of 2022, against $55.9 billion it held a quarter earlier.

PIF cut its stake in three companies —Visa Inc., Plug Power, and Walmart, Argaam reported, citing a filing by the US Securities and Exchange Commission.

However, it increased its holdings in Take-Two Interactive, PayPal, Alibaba, and Farfetch Ltd.

#SaudiCoffeeCompany plans to establish a dedicated academy in various locations in the country, where Saudi Arabian professionals, entrepreneurs, coffee plantation owners, and farmers can receive the knowledge and skills they need to help them start their own businesses. pic.twitter.com/6VcwhDzTIn

— الشركة السعودية للقهوة (@SaudiCoffeeCo) May 18, 2022

While it exited its stake in Just Eat Takeaway.com, five new investments were made by the sovereign fund in Carnival, Babylon, SIGNA Sports United NV, Meta Platforms, and Sea Ltd.

Most recently, PIF announced the launch of Saudi Coffee Co., aimed at turning Saudi coffee beans into a global product with $320 million to be invested in the next 10 years.

Saudi PIF cuts ownership of US-listed stocks 22% to $43.6bn in Q1