Saudi Arabia's sovereign wealth fund has invested billions of dollars in stake purchases in major US companies in sectors spanning from aerospace to entertainment that include Boeing, Disney and Facebook, according to a filing to the US Securities and Exchange Commission (SEC).
The Public Investment Fund (PIF) said it bought a $713.7 million stake in Boeing, $495.8m holding in Disney and $521.9m in Facebook stock in the first quarter of 2020, according to a May 15 quarterly disclosure on the SEC.
The sovereign wealth fund also disclosed an $827.7m investment in British oil giant BP via American Depository Receipts (ADRs) listed in the US, $487.6m in Bank of America and $522m in Citigroup.
The fund, which manages about $320bn of assets, has previously and picked up stakes in Uber Technologies, Tesla and SoftBank Group's Vision Fund to expand its global portfolio.
PIF began snapping up more minority stakes in international companies during the first three months of the year as the coronavirus pandemic disrupted global business, sunk stock prices and forced companies to sell debt. The investment in some of the biggest names of the US corporate world is a bet that they have the potential to generate returns in the long-term and drive Saudi Arabia's economic growth.
“PIF is a patient investor with a long-term horizon. As such, we actively seek strategic opportunities both in Saudi Arabia and globally that have strong potential to generate significant long-term returns while further benefitting the people of Saudi Arabia and driving the country’s economic growth. These opportunities include sectors and companies that are well positioned to drive economies and lead sectors moving forward,” PIF said in an emailed statement.
Other holdings disclosed by the fund on Friday include $513.9m in Marriott International and $78.4m in Warren Buffett’s Berkshire Hathaway.
It also accumulated shares in energy players Suncor Energy, Canadian Natural Resources, France's Total and Royal Dutch Shell.
Last month, the PIF purchased an 8.2 per cent stake in US cruise liner operator Carnival Corporation, which has been hit by the coronavirus crisis, sending its shares surging at least 20 per cent higher.
Saudi Arabia's PIF is pursuing a strategy of broadening its global portfolio while also investing in key domestic projects as part of wider economic diversification plans to reduce the country's reliance on oil revenues.
Speaking at a Future Investment Initiative Institute virtual event in April, PIF's governor, Yasir Al-Rumayyan, said the fund was looking into investment opportunities in areas such as aviation, energy, and entertainment, adding that there would be a lot of potential for investment opportunities once economies start to reopen.
"You don’t want to waste a crisis from the opportunities. For us, we’re looking into any opportunities," Mr Al-Rumayyan said. "If you look at different sectors like airlines, oil and gas, entertainment – they’re all put on hold with the stoppage of the economy. We think once the economy is opening up, I think we will see a lot of returns."
The PIF's investments in technology are "doing extremely well" as the use of tech technology has helped some sectors to flourish during the pandemic though it cannot help companies such as cruise-liners or airlines, he said.
The coronavirus pandemic has disrupted daily life, paralysed air travel, wiped out at least $17 trillion from stock markets globally and forced governments to introduce economic stimulus packages worth more than $8tn as countries went into lockdown.
The International Monetary Fund said it expected the global economy to shrink 3 per cent in 2020, a sharp fall from its earlier forecast of 3.3 per cent growth. Lower oil prices also mean Middle East and Central Asia economies were projected to contract 2.8 per cent this year.
Globally, the number of Covid-19 cases has risen to more than 4.5 million while the death toll exceeded 308,000, according to the Johns Hopkins University, which tracks the spread of the virus. Some 1.6 million people have recovered.
– With assistance from Michael Fahy.
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test India won by innings and 53 runs at Colombo
- 3rd Test August 12-16 at Pallekele
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Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
IF YOU GO
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info
Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.
Scorecard
Scotland 220
K Coetzer 95, J Siddique 3-49, R Mustafa 3-35
UAE 224-3 in 43,5 overs
C Suri 67, B Hameed 63 not out
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Match info
Bournemouth 1 (King 45 1')
Arsenal 2 (Lerma 30' og, Aubameyang 67')
Man of the Match: Sead Kolasinac (Arsenal)
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
