A top member of the Organisation of Petroleum Exporting Countries Saudi Arabia, has through its Sovereign Wealth Fund invested $7.5 billion in blue-chip American companies on the back of rising oil prices.
In contrast, Nigeria has not been able to take advantage of the rising international oil prices, due mainly to its over 700,000 barrels daily production deficit and its largely opaque fuel subsidy regime, estimated to cost N4 trillion this year. But chaired by Crown Prince Mohammed bin Salman, the PIF is ploughing deeper into public markets as it pursues the goal of more than doubling its assets by 2025.
In total, the value of the PIF’s disclosed portfolio in the US fell by about $3 billion in the second quarter to roughly $40 billion, according to information from the filing that was compiled by Bloomberg. The PIF invested about $522 million in Datadog Inc. and roughly $2 billion in Electronic Arts Inc. during the second quarter, according to the filing.
The PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom and 1.8 million shares in Microsoft, a U.S. Securities and Exchange Commission filing showed.