Deals
Saudi Arabia Wealth Fund Builds Team to Hunt for Global Bargains
- Public Investment Fund has recently made some big investments
- Kingdom’s foreign reserves fell to the lowest level since 2011
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Saudi Arabia’s $320 billion sovereign wealth fund has reassigned some staff to finding quick trading wins in global markets battered by the coronavirus pandemic.
The Public Investment Fund, which until five years ago was a holding company for government stakes in domestic businesses, sees this as an opportunity to broaden its global portfolio, according to people familiar with the fund, who asked not to be identified because the matter is private. So far, its acquisition of stakes in energy and entertainment firms represent big bets that things will return to normal sooner than later as the world recovers from the pandemic shock.