Information from Saudi Arabia’s national investment fund, this fund has invested about $ 7.5 billion in stocks in the US such as Amazon or Microsoft.
PIF – Saudi Arabia’s investment fund has bought shares in 17 companies in the US, including: Amazon, Microsoft, Alphabet, BlackRock…
According to published information, each investment is worth 400-500 million USD.
The total value of PIF’s US portfolio decreased by 3 billion USD in the second quarter, the amount of investment was about 40.8 billion USD.
The reason is that the remaining stocks in the portfolio dropped in price.
Accordingly, the S&P 500 index fell 20% in the first half of this year due to inflation and recession concerns. The index is still down 9% year-to-date.
Crown Prince Mohammed bin Salman is using the huge revenue from oil sales to accelerate the economic reform strategy he proposed in 2016.
State-owned oil company Saudi Aramco also reported second-quarter profits nearly doubled, to about $50 billion.
Saudi Arabia’s GDP grew 11.8% in the second quarter thanks to higher oil prices.
Over the past two years, PIF’s US stock portfolio has lost 38% of its value, WhaleWisdom estimates.
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