- Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in tech giants Meta and Alphabet as it looks to expand with a diverse global portfolio. According to the United States Securities and Exchange Commission 13F filings, PIF increased its stake in Meta to 3.26 million shares. Almost an eight-fold increase on the 418,000 Class A shares it held at the end of the first quarter.
- The filing also showed PIF is dramatically increasing its share in Alphabet, with the wealth fund now controlling 4.26 million shares. This is 20 times as many shares as the 213,000 it held at the start of the year. It also bought new stakes in Linde, the world's largest industrial gas company by market share and revenue, and blank cheque company Compute Health during the same period.
Why it matters
Outside of domestic interests in Saudi Arabia PIF has a diverse portfolio of investments. It maintains a stake in Starbucks, Microsoft, Live Nation, PayPal, Home Depot, Walmart, Visa, Adobe, and many more of the world’s most successful companies. Under a five-year strategy announced last year, the PIF aims to more than double the value of its assets under management to $1.07 trillion and commit $40 billion annually to develop Saudi Arabia's economy until 2025.
