Saudi Sovereign Wealth Fund Increases Stakes in Meta, Google

Saudi Arabia’s sovereign wealth fund increased its stakes in Meta Platform and the parent company of Google, Alphabet. 

The Public Investment Fund (PIF) released its 13F disclosure form on Monday. A 13F is when a large investment firm releases its buys and sells from the previous quarter. The big Saudi investment fund owns stakes in many leading technology companies. 

It increased its stakes in Meta, the parent of both Facebook and Instagram, by 10 percent. In the latest filing for the three months that ended on September 30, the PIF revealed a total of 3.26 million class A shares in Meta. That is an increase from 418,000 class A shares at the end of the first quarter and 2.94 million at the end of June. 

This is a huge increase and notable because the filing indicates Meta was the only top-25 holding that the fund increased in the last quarter. 

The filing also showed the PIF significantly increased its shares in Alphabet, the parent company of Google. It increased from 213,000 class A shares at the end of the third quarter to 4.26 million capital stock shares. 

The PIF is one of the largest sovereign wealth funds in the world. Its assets are valued at $620 billion. 

The massive fund is a driving factor behind Saudi Arabia’s economic growth over the past few years. The Kingdom views its wealth fund as playing a crucial role in achieving the goals outlined in Crown Prince Mohammed bin Salman’s Vision 2030, which aims to diversify Saudi Arabia’s economy away from oil. 

Last month, the PIF’s Governor Yasir Al-Rumayyan said he has a detailed strategy to increase the fund’s assets to reach between $2 to $3 trillion by 2030.  

“We want to reach $1 trillion by 2025. And we are almost now less than $700 billion, we need close to $400 billion to reach this size of assets,” said Al-Rumayyan.

“We have a complete plan from now till 2030, on how to reach a trillion and reach between $2 to $3 trillion, and His Highness Crown Prince is determined to reach it.”

The PIF is expanding globally as well. It is planning to hire 50 new employees for its New York-based office, recruiting staff across investment research, legal, compliance, and other sectors. 

In October, the PIF also launched Halal Products Development Co., which is aimed at localizing the halal production industry in Saudi Arabia. 

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