A mega investment entity of Saudi Arabia _ Public Investment Fund (PIF) bought $40.80 billion worth shares in Alphabet, Zoom Video, Microsoft, JPMorgan, Starbucks and other companies as part of a wider pick of US stocks.
Saudi Arabia’s state-run investment company acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom and 1.8 million shares in Microsoft.
The PIF also acquired shares in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares respectively.
The PIF acquired 6.3 million shares in Starbucks, and added other stocks including Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot, Costco, Freeport-McMoRan, Datadog and NextEra Energy.
The PIF, which manages $620 billion in assets, is at the center of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The PIF is pursuing a two-pronged strategy, building an international portfolio of investments while also investing locally in projects that will help to reduce Saudi Arabia’s reliance on oil.
