Saudi Wealth Fund Making Another Splash, This Time at Home
- Public Investment Fund to spend $40 billion in local economy
- World’s top crude exporter seeking to reduce reliance on oil
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Saudi Arabia’s sovereign wealth fund is turning homeward.
The Public Investment Fund cut its holdings of U.S. equities in the third quarter by $3 billion to $7 billion, mainly by selling stakes in exchange-traded funds that track the real estate and materials sectors.