Saudi Wealth Fund Buys $7 Billion in US Stocks

Saudi Arabia’s sovereign wealth fund has invested more than $7 billion to create new positions in U.S. stocks amid fears of a recession. Saudi Arabia’s sovereign wealth fund has invested more than $7 billion to create new positions in U.S. stocks including Amazon, Alphabet, BlackRock and JPMorgan amid fears of a recession. The $620 billion sovereign wealth fund added to its holdings in Facebook owner Meta Platforms, PayPal Holdings and Electronic Arts in the second quarter. The purchases mark a doubling of the fund’s well-known bet on technology investments. The sovereign wealth fund, chaired by Crown Prince Mohammed bin Salman, is digging deeper into public markets as it pursues a goal of doubling its assets by 2025. The wealth fund is increasing its investments in stocks as Saudi Arabia’s oil revenues nearly double for a second year in a row. Rising crude prices are set to give the kingdom its first budget surplus in almost a decade.