RIYADH: Saudi Arabia continues to raise its stakes in global companies with the Public Investment Fund recording $38.93 billion in US equity holdings in the second quarter of 2023, up from $35.52 billion in the first quarter.  

The holdings were driven by PIF’s expanded investment in prominent US firms, including Lucid Group, Air Products, and Alibaba, as confirmed by a filing with the US Securities and Exchange Commission.   

The most notable contributor to this quarterly surge is a $1.8 billion investment facilitated through PIF’s Ayar Third Investment Co.  

In June, this initiative led to the acquisition of 265.7 million shares in the electric vehicle manufacturer Lucid Group.  

The fund also increased its shares by 455,500 in US-based chemicals and gases company Air Products bringing its total investment value to $823 million.  

The PIF also bought 421,420 shares in Alibaba Group US making its total investment worth $121.4 million by the end of the second quarter of the year.  

According to data from Argaam, the wealth fund also sold 193,600 shares in Avery Dennison Corp., a manufacturer and distributor of pressure-sensitive adhesive materials, in the second quarter of this year.  

Furthermore, the PIF sold all its 3 million shares in digital healthcare company Babylon in the same period.  

The ongoing investment activity by the wealth fund is a continuation of its effort to lead an impactful investment strategy in line with Vision 2030.  

On its establishment, the fund dedicated six pools of investment, four targeting the Saudi market, and two focusing international affairs.  

The PIF created the International Strategic Investments pool which comprises a combination of long-term investments to establish deliberate partnerships through direct and indirect financing.  

Moreover, the fund established the International Diversified Pool which aims to provide a mixed asset base and source of wealth accumulation by focusing on commercial investment returns over the long-term, through fixed-income backing, public and private equities, real estate, infrastructure, and alternative financing.  

To date, the sovereign fund has established 85 companies in 13 strategic sectors, created over 500,000 jobs, and accumulated around $700 billion in assets under management.