Saudi Arabian Public Investment Fund purchases stakes in Citi, Disney and Boeing

By Rahul Vaimal, Associate Editor
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Saudi Arabia’s sovereign-wealth fund acquired stocks in corporations including BP Plc, Boeing Co., Citigroup Inc., Walt Disney Co. and Facebook Inc.

The Public Investment Fund (PIF), which was a holding company for government stakes in domestic businesses a few years ago, revealed an $827.8 million stake in BP, a $713.7 million investment in Boeing and $522 million positions in both Citigroup and Facebook at the end of the first quarter. Other investments include $495.8 million on Walt Disney Co. and $487.6 million on Bank of America Corp.

In April, the fund’s governor, Yasir Al-Rumayyanhad hinted that the PIF is looking into “any opportunity” arising from the economic wreckage of the crisis. The fund expects to see “lots of opportunities,” he said during a virtual event, citing airline, energy and entertainment companies as possible options.

A $513.9 million purchase revealed in hotel owner Marriott International Inc. is greater than the PIF’s previously published stake on cruise operator Carnival Corp. Likewise, the fund collected a $416.1 million stake in concert promoter Live Nation Entertainment Inc as well.

The PIF’s reach was broadened in 2015 by Crown Prince Mohammed bin Salman to include international investments to support economic diversification.