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  • 16-11-21

    KSA wealth fund registers threefold increase of its assets of US stocks

    (MENAFN) Saudi Arabia's sovereign wealth fund registered a threefold increase of its assets of US shares to over USD43 billion in July-September period, investing in a number of corporations from e-commerce and financial technology to biotechnology as well as power cell-generated commercial cars.

    Based on a Securities and Exchange Commission filing, the Public Investment Fund, which runs over USD430bn in holdings, amplified its investments in US stocks from around USD15.94bn in April-June period of this current year.

    The fund's investment in electrical vehicle firm Lucid, that became public in July, is worth around USD26bn. The fund had invested over USD1bn in the firm in 2018 for a huge share. It possesses about 63 per cent of the firm in the meantime. The PIF reserved its 72.8 million stocks in Uber, whose value was nearly USD3.26bn towards the end of September.

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