Saudi wealth fund boosts US holdings with nearly $10-bn stakes in blue chips

DUBAI/BENGALURU: Saudi Arabia’s sovereign wealth fund has bought minority stakes in major American companies including Boeing, Facebook and Citigroup, a regulatory filing showed, giving it a portfolio of nearly $10 billion in US-listed stocks.

The $300 billion Public Investment Fund (PIF) has been buying minority stakes in companies across the world, taking advantage of market weakness in the wake of the coronavirus outbreak.

The PIF disclosed stakes worth $713.7 million in Boeing, about $522 million in Citigroup, $522 million in Facebook, $495.8 million in Disney and $487.6 million in Bank of America, the U.S. Securities and Exchange Commission (SEC) filing on Friday showed.