The fund now has managed to secure a portfolio of nearly $10bn in US-listed stocks.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has purchased minority stakes in US companies including Boeing, Facebook and Disney, according to a regulatory filing.
The $320bn PIF disclosed stakes worth $713.7m in Boeing, about $522m in Citigroup, $522m in Facebook, $495.8m in Disney and $487.6m in Bank of America.
PIF also disclosed an $827.7m stake in oil company BP, which has American Depository Receipts (ADRs) listed in the United States. PIF already has stakes in Uber Technologies and electric car company Lucid Motors.
The Saudi sovereign fund has been buying minority stakes in global companies, taking advantage of market weakness in the wake of the coronavirus outbreak.
“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.