The sovereign wealth fund of Saudi Arabia intends to invest around US$10 billion in shares, thus fulfilling the objective already announced by the kingdom of doubling its asset portfolio by 2025, according to two sources close to the palace contacted by Bloomberg .
The fund led by Crown Prince Mohammed bin Salman wants to fill its portfolio with securities from companies in the most in vogue sectors at the moment and that promise great returns in the near future, such as renewable energy and e-commerce.
Currently, this is one of the most outstanding sovereign wealth funds in the world, with a portfolio of up to 500 billion dollars of assets under management. It is recalled that in 2020, in the midst of the pandemic, the fund received a capital injection of 40 billion dollars, coming directly from the Saudi State.
In the strategic document for 2021-2025, the fund’s managers focus mainly on diversity: “of geographies, asset classes, sectors” and away from oil and gas. The fund even bought shares in Facebook and Citigroup, securities that it ended up selling months later.
The value of the fund’s public holdings, including its shares in national companies, reached around US$200 billion, according to data compiled by Bloomberg, dominated by the shares in Lucid Group and Saudi Telecom.
The fund, managed by Governor Yasir Al Rumayyan, has outlined a plan to grow its asset portfolio to over US$1 trillion by 2025.
In recent months, the fund has more than tripled its holdings in US transactions. From the end of 2020 to the third quarter of last year, the Saudi portfolio placed around US$43.4 billion in companies based on “Uncle Sam’s” land.
The fund has also innovated compared to the past, by investing in Chinese video game producers and e-commerce brands, such as Alibaba.
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