DUBAI/BENGALURU: Saudi Arabia's sovereign wealth fund has bought minority stakes in major American companies including Boeing , Facebook and Citigroup , a regulatory filing showed, giving it a portfolio of nearly US$10 billion in U.S.-listed stocks.
The PIF has a nearly US$514 million stake in Marriott and a small holding in Berkshire Hathaway , according to the filing. The PIF also disclosed an US$827.7 million stake in oil company BP , which has American Depository Receipts listed in the United States. PIF's strategy is two-pronged; building an international portfolio of investments and investing locally in projects that will help reduce Saudi Arabia's reliance on oil.The PIF has separately funded almost half of Japanese investor SoftBank's US$100 billion Vision Fund, which has been hit by losses on technology bets.
The PIF disclosed an 8.2per cent stake in coronavirus-hit Carnival Corp in April, sending the cruise operator's shares nearly 30per cent higher.
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