Skip to main content

Saudi Public Investment Fund acquires shares in Amazon, Google, Uber

The sovereign wealth fund led by the crown prince has shown a strong interest in technology such as video games.
Drew Angerer/Getty Images

Saudi Arabia’s sovereign wealth fund has invested hundreds of millions of dollars in several US companies, according to a new filing. The Gulf kingdom continues to aggressively pursue economic diversification with its investments. 

The Public Investment Fund revealed the following holdings via stock shares, among others, according to a US Securities and Exchange Commission filing from yesterday:

  • $464 million in Alphabet, which owns Google
  • $432 million in Amazon
  • $451 million in the controversial investment firm Blackrock
  • $433 million in JPMorgan Chase
  • $474 million in Meta, which owns Facebook
  • $473 million in Microsoft
  • $492 million in PayPal
  • $482 million in Starbucks
  • $1.4 billion in video game developer Take-Two Interactive
  • $1.5 billion in Uber
  • $96 million in Walmart

The filing was made yesterday, but is dated to June 30. The US stock market has fallen significantly this year.

Why it matters: The Public Investment Fund is led by Crown Prince Mohammed bin Salman, who is spearheading the kingdom’s efforts to diversify and reduce dependence on oil. 

Many of the aforementioned investments are in industries the Public Investment Fund has shown an interest in previously, such as video games. The fund purchased a 5% stake in Japanese video game giant Nintendo earlier this year. In January, the Public Investment Fund announced the creation of a competitive video games group

The fund already owned shares in some of the companies. For example, it already had 418,000 shares of Meta, and now possesses 2.9 million shares, according to the business news outlet Zawya.

In general, Saudi Arabia’s state entities are prioritizing investment in futuristic technologies. In February, the Saudi state-owned oil firm Aramco announced a major investment in blockchain technology. In April, Aramco agreed to support an artificial intelligence center in the kingdom. 

Oil remains a major part of the Saudi economy, however. This week, Aramco announced a record $48 billion in quarter two profits amid historically high oil prices this year. 

Know more: One of the Public Investment Fund’s most talked about recent investments is the LIV Golf league, which has successfully signed some of the biggest names in the sport, despite controversy

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial