Saudi Public Investment Fund increases stake in US company by 13.3%

The Saudi Public Investment Fund, the sovereign wealth fund, increased its stake in a US company by 13.3%.

According to “Reuters”, a file was filed on Monday with the US Securities and Exchange Commission, confirming that the Public Investment Fund of the Kingdom of Saudi Arabia has increased its stake in the American video game company by 13.3%. Activision Blizzard, which equates to 37.9 million shares.

According to the file submitted, the Saudi fund bought 4.4 million shares of the video game company during the second quarter of this year.

The fund participates in the kingdom’s economic transformation plans by creating new sectors and diversifying non-oil revenues.

The $ 400 billion fund is expected to inject at least $ 40 billion annually into the local economy until 2025 and grow its assets to $ 1,000 billion by then, making it one of the largest major sovereign wealth funds in the world.

In January, when adopting the sovereign wealth fund strategy for the next five years, Saudi Crown Prince Mohammed bin Salman confirmed that the Public Investment Fund would double its assets by 2025 to reach 4 trillion riyals. .

The Saudi Crown Prince said: “The new strategy comes to represent a major pillar in realizing our nation’s ambitions of economic growth, improving the quality of life and realizing the concept of comprehensive and sustainable development. in various traditional and modern sectors ”, explaining that the fund will work in the coming years on several objectives, the most important of which is to pump 150 At least one billion rials per year into the local economy, growing up to in 2025.

Source: agencies

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