Economics
Saudi Arabia Wealth Fund Buys Boeing, Citi, Disney Stakes
- Massive fund also describes bets on BP, Facebook and Marriott
- The bargain-hunting amounts to wager on rebound in commerce
Photographer: Fayez Nureldine/AFP via Getty Images
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Saudi Arabia’s sovereign wealth fund said in April that it was looking into “any opportunity” arising from the economic wreckage of the coronavirus crisis. A regulatory filing Friday shows how the fund spent billions of dollars this year on stocks.
The $320 billion Public Investment Fund, which until five years ago was a holding company for government stakes in domestic businesses, disclosed an $827.8 million stake in BP Plc, a $713.7 million investment in Boeing Co. and $522 million positions in both Citigroup Inc. and Facebook Inc. at the end of the first quarter. Other bets include $495.8 million on Walt Disney Co. and $487.6 million on Bank of America Corp.