Saudi Arabia’s PIF acquires shares in Alphabet, Zoom Video and Microsoft

Saudi Arabia’s Public Investment Fund bought shares in Alphabet, Zoom Video and Microsoft as part of a wider pick of US stocks, bringing the sovereign wealth fund’s second-quarter investments to about $40.8 billion, Arab Finance reports.

A filing from US Securities and Exchange Commission indicated that PIF acquired 213,000 class A shares in Alphabet; 4.7 million class A shares in Zoom; and 1.8 million shares in Microsoft.

The fund also acquired shares in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares respectively.

In another transaction, PIF acquired 6.3 million shares in Starbucks, and added other stocks including Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot, Costco, Freeport-McMoRan, Datadog and NextEra Energy.

The new acquisitions increase Saudi Arabia’s presence in the US economy. PIF is the majority stakeholder in Lucid Motors, headquartered in California. Currently, PIF owns more than 60 percent share in the electric vehicle manufacturer.

The fund is at the center of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil. It manages $620 billion in assets.