Markets and Finance
Saudi wealth fund plans to buy $10 billion in global stocks this year

Saudi Arabia’s sovereign wealth fund is planning to plow deeper into public markets this year by investing about $10 billion more into listed stocks, according to people familiar with the matter, as it pursues the goal of more than doubling its assets by 2025. Chaired by Crown Prince Mohammed bin Salman, the Public Investment Fund is looking to buy global stocks based on a thematic strategy that focuses on areas including e-commerce and renewables, the people said, asking not to be identified as the information is private. The spending on global stocks is in addition to the fund’s direct investments in international firms and its local deals, the people said. A spokesman for the PIF, as the fund is known, declined to comment. The Saudi wealth fund has amassed around $500 billion in assets, taking an increasingly prominent role in global markets since receiving a $40 billion transfer from the kingdom’s reserves in early 2020 when the pandemic sent equities into a tailspin.

News Source:- https://www.business-standard.com/article/international/saudi-wealth-fund-plans-to-buy-10-billion-in-global-stocks-this-year-122011301571_1.html