DUBAI: Saudi Arabia’s Public Investment Fund has increased its ownership of equities in the US market to nearly $15.9 billion by the end of the second quarter this year.
This was after the sovereign wealth fund said it raised its stake in US video game company Activision Blizzard by 13.3 percent to 37.9 million shares, Argaam reported citing a Securities and Exchange Commission filing.
PIF also has a stake in the second-biggest gaming company in the US, after Activision Blizzard, Electronic Arts, owning around 14 million shares.
The fund plays an important role in Saudi Arabia’s plan to transform its economy by creating new sectors and diversifying its revenue streams.
It plans to increase its assets to $1 trillion by 2025, which would make it one of the world’s biggest sovereign wealth funds.