Saudi Arabia: Government makes overseas investments as economy slows

Issue 1105 - 19 Jun 2020

International investments: The Public Investment Fund (PIF) invested at least $7.6bn in listed companies in the United States and Europe in Q1 2020, underlining a trend among Gulf investors to seek longer-term opportunities amid the coronavirus-driven slump. US regulatory filings show the PIF bought stakes in 23 companies during Q1, with an emphasis on hospitality and leisure stocks (including the Walt Disney Company, travel website owner Booking Holdings and hotel chain Marriott International), technology companies (Cisco Systems, Facebook and IBM) and under-pressure oil majors (BP, Royal Dutch Shell, Total and oil sands producer Canadian Natural Resources).

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