Saudi PIF Nearly Triples Holdings in US Market

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Nearly Triples Holdings in US Market

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, nearly tripled its holdings of US-listed stocks to $43.45 billion in Q3 2021, adding shares of Alibaba Group, Walmart and Pinterest.

Its US-listed stock holdings in the quarter that ended Sept. 30 increased from nearly $16 billion in the prior quarter, according to a US Securities and Exchange Commission filing, which added the PIF made 19 new investments.

A new five-year plan would make the fund the leading catalyst for Saudi Arabia’s economic transformation and diversification.

The Fund plans to double its assets to four trillion riyals ($1.07 trillion) by 2025. To boost domestic economy, it plans to inject at least 150 billion riyals annually in the local economy in the next four years.

The five-year strategy would see the fund creating 1.8 million direct and indirect jobs by 2025, from 331,000 by the end of by the third quarter of 2020.



Saudi Arabia, Canada Discuss Smart Industrial Cities

The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
TT

Saudi Arabia, Canada Discuss Smart Industrial Cities

The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has discussed with Canadian government ministers ways to bolster industrial and mining cooperation between the two countries, opportunities for developing industrial innovation, and building an effective partnership to establish smart industrial cities in the Kingdom by leveraging Canadian expertise.

During his meeting with Canadian Minister of Innovation, Science and Industry François-Philippe Champagne, and accompanied by National Industrial Development Center Chief Executive Saleh AlSulami, Alkhorayef underscored the Kingdom's commitment to benefiting from the applications of the Fourth Industrial Revolution, particularly artificial intelligence (AI) and robotics, to develop the industrial sector and create added value, while improving production efficiency in industrial facilities.

Meeting participants discussed enhancing cooperation in the field of industrial digitization, utilizing AI technologies to improve industrial processes, and exploring opportunities for collaboration in building smart industrial cities in the Kingdom, benefiting from Canadian advancements in digital infrastructure.

The two sides also discussed collaboration between the Kingdom and Canada in the field of innovation, including the partnership between the Saudi Ministry of Education and Metax, a Canadian research organization funded by the Ministry of Innovation, Science and Industry with a focus on providing joint research opportunities for graduate and doctoral students in both countries.

During a meeting with Canadian Minister of International Development Ahmed Hussen, Alkhorayef discussed ways to enhance economic relations and non-oil trade between the two countries, given the fact that the Kingdom is the largest trading partner for Canada in the Middle East and North Africa. The ministers reviewed the role of industrial development globally in advancing communities, increasing their well-being, and improving individuals' living standards.

Alkhorayef and Canada's Mining Industry Human Resources Council (MIHR) executive director Ryan Montpellier discussed opportunities to benefit from council's expertise in workforce human capabilities development strategies in the mining sector.

The meetings held by the Minister of Industry and Mineral Resources with Canadian ministers are part of his visit to Canada, aimed at strengthening industrial and mining cooperation between the two countries, exploring mutual opportunities in both sectors, and attracting foreign investments to the Kingdom.