Saudi PIF invests in Alphabet, Zoom, Microsoft
NEW YORK, August 17, 2022
Saudi Arabia’s Public Investment Fund (PIF) has bought shares in Alphabet, Zoom Video and Microsoft, bringing the fund’s Q2 investments to about $40.8 billion, reports said.
The Saudi sovereign wealth fund acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom and 1.8 million shares in Microsoft, a US Securities and Exchange Commission filing showed.
It also acquired shares in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares, respectively, said an Arab News report.
Alphabet is an American multinational technology conglomerate holding company created through a restructuring of Google in 2015 and it became the parent company of Google and several former Google subsidiaries.
The PIF, which manages $620 billion in assets, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
