Saudi Investment Fund Seizes International Opportunities

Saudi Investment Fund Seizes International Opportunities
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Saudi Investment Fund Seizes International Opportunities

Saudi Investment Fund Seizes International Opportunities

Saudi Arabia’s sovereign wealth fund has been lately active buying shares from global companies in the fields of aviation, banking, social media, and entertainment.

The Public Investment Fund (PIF) has made use of the decline in the nominal and market values of international companies and institutions due to the global economic crisis caused by the coronavirus outbreak.

The $300 billion PIF has been buying minority stakes in companies across the world, taking advantage of market weakness in the wake of the coronavirus outbreak.

According to the US Securities and Exchange Commission (SEC), the PIF bought stakes in companies including Facebook Inc., Boeing Co., and Citigroup Inc.

It bought a $713.7 million stake in Boeing, $495.8m holding in Disney and $521.9m in Facebook stock in the first quarter of 2020, according to a quarterly disclosure on the SEC.

The PIF disclosed on Friday an $827.7m investment in British oil giant BP via American Depository Receipts (ADRs) listed in the US, $487.6m in Bank of America, and $522m in Citigroup.

Other holdings disclosed by the fund include $513.9m in Marriott International and $78.4m in Warren Buffett’s Berkshire Hathaway.

Speaking at a Future Investment Initiative Institute virtual event in April, PIF's Governor Yasir al-Rumayyan said the fund was looking into investment opportunities in areas such as aviation, energy, and entertainment, adding that there would be a lot of potential for investment opportunities once economies start to reopen.

The PIF has recently purchased an 8.2 percent stake in US cruise liner operator Carnival Corporation, which has been hit by the coronavirus crisis, sending its shares surging at least 20 percent higher.

The Saudi fund bought stakes in Royal Dutch Shell, Total, Eni, and Equinor earlier this year, a source familiar with the transactions told Reuters on April 9.

The SEC filing on Friday showed it had a $483.6 million stake in Shell, a $222.3 million holding in Total and a $481 million stake in Suncor Energy.

An earlier filing in Norway had shown the PIF had a 0.3 percent stake in oil and gas firm Equinor.

PIF already has a $2 billion stake in Uber Technologies and electric car company Lucid Motors. It used to own a small stake in electric carmaker Tesla, but the latest filing did not show any exposure.

“PIF is a patient investor with a long-term horizon. As such, we actively seek strategic opportunities both in Saudi Arabia and globally that have strong potential to generate significant long-term returns while further benefiting the people of Saudi Arabia and driving the country’s economic growth,” the sovereign wealth fund said in a statement.

“These opportunities include sectors and companies that are well-positioned to drive economies and lead sectors moving forward.”



Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Riyadh is set to host the third edition of the Saudi Tourism Forum from January 7 to 9 at Roshn Front.

Organized in partnership with the Ministry of Tourism, the Saudi Tourism Authority, and the Tourism Development Fund, the event will run under the theme "To Discover."

This year’s forum serves as a dynamic platform to highlight new and unique tourist destinations across the Kingdom, offering visitors innovative experiences while showcasing Saudi Arabia’s diverse tourism potential. With over 100 exhibitors, the forum provides an expansive space to explore the latest developments in the tourism sector, spotlight major investment projects, and foster skill development and partnerships to drive tourism growth.

Chief Executive Officer of 4M Event and Chairman of the Forum’s Organizing Committee Eng. Hamza Nasser emphasized the forum’s role in advancing collaboration within the tourism sector. "Through the forum, we aim to promote the beauty of Saudi tourist destinations, enhance cooperation among stakeholders, and raise awareness about investment and development opportunities. This aligns with the goals of the Kingdom’s Vision 2030,” he said.
Since its inception, the Saudi Tourism Forum has significantly advanced efforts to promote the Kingdom's rich cultural heritage and distinctive tourist sites. Supported by prominent partners and sponsors, the event underscores a shared commitment to developing this vital sector.
The program will feature a variety of seminars and workshops, offering insights into the latest trends and developments in tourism. Attendees will have the opportunity to engage with keynote speakers, decision-makers, and industry professionals, enhancing their skills and knowledge.
The forum is expected to attract a diverse audience, including business leaders, investors, officials, and dignitaries, creating fertile ground for collaboration and partnerships.