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          Saudi wealth fund boosts U.S. holdings with stakes in Citi, Boeing, Facebook

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          05/16/2020 | 11:08am EDT
          FILE PHOTO: A Facebook logo is displayed on a smartphone in this illustration

          By Saeed Azhar and Kanishka Singh

          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 U.S.-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 https://bit.ly/3e2A01B on Friday showed.

          The PIF has a nearly $514 million stake in Marriott and a small holding in Berkshire Hathaway, according to the filing. The PIF also disclosed an $827.7 million stake in oil company BP, which has American Depository Receipts (ADRs) listed in the United States.

          "The Saudi sovereign fund went shopping in Q1," tweeted Ali Al-Salim, co-founder of Dubai-based consulting firm Arkan Partners, adding that it now held about $10 billion in U.S.-listed equities, up from $2 billion at the start of the year.

          PIF's strategy is two-pronged; building an international portfolio of investments and investing locally in projects that will help reduce Saudi Arabia's reliance on oil.

          "PIF is a patient investor with a long-term horizon. As such, we actively seek strategic opportunities both in Saudi Arabia and globally that have strong potential to generate significant long-term returns while further benefiting the people of Saudi Arabia and driving the country's economic growth," the sovereign wealth fund said in a statement.

          "These opportunities include sectors and companies that are well positioned to drive economies and lead sectors moving forward."


          The PIF has separately funded almost half of Japanese investor SoftBank's $100 billion Vision Fund, which has been hit by losses on technology bets.

          Last month the PFI's head, Yasir al-Rumayyan, said it was looking into investment opportunities in areas such as aviation, oil and gas, and entertainment, adding that there would be a lot of potential for investment opportunities once the coronavirus crisis passes.

          The PIF disclosed an 8.2% stake in coronavirus-hit Carnival Corp in April, sending the cruise operator's shares nearly 30% higher.

          The Saudi fund bought stakes in Royal Dutch Shell, Total, Eni and Equinor earlier this year , a source familiar with the transactions told Reuters on April 9.

          The SEC filing on Friday showed it had a $483.6 million stake in Shell, a $222.3 million holding in Total and a $481 million stake in Suncor Energy.

          An earlier filing in Norway had shown the PIF had a 0.3% stake in oil and gas firm Equinor.

          PIF already has a $2 billion stake in Uber Technologies and electric car company Lucid Motors. It used to own a small stake in electric carmaker Tesla, but the latest filing did not show any exposure.

          (This story was refiled to fix typo in paragraph 11)

          (Reporting by Saeed Azhar and Kanishka Singh; Editing by Pravin Char)

          Stocks mentioned in the article
          ChangeLast1st jan.
          BANK OF AMERICA CORPORATION 1.84% 25.7736 Delayed Quote.-28.22%
          BERKSHIRE HATHAWAY INC. 0.71% 331075.95 Delayed Quote.-3.18%
          BYD COMPANY LIMITED 6.47% 103.6 End-of-day quote.166.67%
          CARNIVAL CORPORATION & PLC 3.83% 16.575 Delayed Quote.-68.66%
          CITIGROUP INC. 3.57% 46.4701 Delayed Quote.-43.91%
          ENI SPA 0.51% 7.651 Delayed Quote.-45.02%
          FACEBOOK -2.43% 266.67 Delayed Quote.32.73%
          LETS HOLDINGS GROUP CO., LTD. -2.87% 10.48 End-of-day quote.73.51%
          LINE CORPORATION 0.00% 5370 End-of-day quote.0.37%
          LONDON BRENT OIL 3.74% 42.24 Delayed Quote.-39.91%
          LOOK HOLDINGS INCORPORATED -2.22% 837 End-of-day quote.-33.15%
          SAUDI ARABIAN OIL COMPANY 0.28% 36.15 End-of-day quote.2.55%
          SEEK LIMITED 9.42% 21.02 End-of-day quote.-6.78%
          SOFTBANK GROUP CORP. 4.64% 6704 End-of-day quote.40.96%
          SUNCOR ENERGY INC. 3.18% 18.19 Delayed Quote.-58.60%
          TESLA, INC. -0.04% 450.9104 Delayed Quote.437.57%
          THE BOEING COMPANY 3.49% 169.385 Delayed Quote.-49.24%
          THE LEAD CO., INC. 0.27% 375 End-of-day quote.-3.85%
          THE NEW HOME COMPANY INC. 2.28% 4.1525 Delayed Quote.-12.88%
          UBER TECHNOLOGIES, INC. 1.56% 38.08 Delayed Quote.25.99%
          VISION INC. -0.12% 835 End-of-day quote.-53.92%
          WORLD CO., LTD. 3.45% 1470 End-of-day quote.-45.37%
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