Saudi Public Investments tripled its ownership of US stocks to $43 billion

In the third quarter, the Saudi Public Investment Fund nearly tripled its holdings of US-listed shares to $43.45 billion, adding shares in Alibaba Group, Wal-Mart, and Pinterest.

According to a US Securities and Exchange Commission filing, its holdings of US-listed stocks climbed in the quarter ending September 30 from almost $16 billion the previous quarter.

Other stocks bought included Just Eat and Ballard Power Systems.

The Public Investment Fund, which controls $430 billion in assets, is reshaping the Saudi economy by establishing new industries and diversifying revenue sources away from oil.

The Public Investment Fund also owns a 62.72 percent stake in Lucid, an electric car business with a market capitalization of $71 billion, up significantly from the end of September.

It follows a two-pronged strategy, building an international portfolio of investments while also investing locally in projects that will help reduce Saudi Arabia’s dependence on oil.

During the third quarter, the fund made around 19 new investments in US-listed firms, with its $25.8 billion positions in Lucid Group for Electric Vehicles accounting for the majority of the fund’s investments.

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