SAUDI PIF Held Nearly $56 Bln Of U.S. – Listed Stocks In December 2021

PARIS, France – Saudi sovereign wealth fund PIF held nearly $56 billion worth of U.S. – listed stocks as of December last year, up from $43 billion at the end of September, boosted by the increased value of electric can maker Lucid, it said in a U.S. regulatory filing.

The fund’s Lucid holdings were valued at $38.6 billion as of December, up from $25.8 billion at the end of September, the filling showed.

Lucid’s listing in July last year was a huge boost for the Saudi sovereign wealth fund. The Public Investment Fund (PIF), which currently holds a nearly 62% stake in Lucid, had invest more than $1 billion in the company in 2018 for a substantial stake and increased its investment in February 2021.

Shares of Lucid have fallen 28% so far this year.

The PIF also owns a 3.75% stake in ride – sharing company Uber Technologies.

The sovereign wealth fund sharply cut its stake in Prologis, while substantially increasing its stake in Farfetch, a technology platform in the fashion industry, to 3.3. million class A shares.

It also raised its stake in Pinterest.

PIF, which manages about $480 billion in assets, is at the centre of Saudi Arabia’s Vision 2030, a national strategy aimed at diversifying the kingdom’s economy and cutting reliance on hydrocarbons.

On Sunday the government said Crown Prince Mohammed bin Salman had transferred 4% of Saudi Aramco shares worth %80 billion to the kingdom’s sovereign wealth fund.

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