News Snapshot:
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, nearly tripled its holdings of US-listed stocks to US$43.45 billion in the third quarter, adding shares of Alibaba Group Holding , Walmart and Pinterest. Its US-listed stock holdings in the quarter ended September 30 increased from nearly US$16 billion in the prior quarter, according to a US Securities and Exchange Commission filing. Other stocks it bought included Just Eat Takeaway.com and Ballard Power Systems. The PIF, which manages US$430 billion in assets, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying...
