Saudi PIF raises stake in US equities to $15.9 bn after Activision deal

The $400 billion fund is expected to inject at least $40 billion annually in the local economy until 2025. (Shutterstock)
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Updated 18 August 2021
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Saudi PIF raises stake in US equities to $15.9 bn after Activision deal

  • The Public Investment Fund (PIF) bought 4.4 million shares in the video game maker in the second quarter

DUBAI: Saudi Arabia’s Public Investment Fund has increased its ownership of equities in the US market to nearly $15.9 billion by the end of the second quarter this year.

This was after the sovereign wealth fund said it raised its stake in US video game company Activision Blizzard by 13.3 percent to 37.9 million shares, Argaam reported citing a Securities and Exchange Commission filing.

PIF also has a stake in the second-biggest gaming company in the US, after Activision Blizzard, Electronic Arts, owning around 14 million shares.

The fund plays an important role in Saudi Arabia’s plan to transform its economy by creating new sectors and diversifying its revenue streams.

It plans to increase its assets to $1 trillion by 2025, which would make it one of the world’s biggest sovereign wealth funds.


Saudi Arabia nears 2030 tourism target as visitor numbers hit 122m in 2025

Updated 16 sec ago
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Saudi Arabia nears 2030 tourism target as visitor numbers hit 122m in 2025

JEDDAH: Saudi Arabia is getting closer to its 2030 tourism target after it welcomed an estimated 122 million visitors in 2025, a 5 percent annual increase, according to preliminary official data.

The milestone marks a significant step toward Vision 2030’s target of 150 million annual visitors. It comes as total tourism spending reached an estimated SR300 billion ($81 billion), up 6 percent from 2024, underscoring the sector’s growing economic impact, according to the Ministry of Tourism.

The development reflects strategic investments in global destination projects, visa reforms, and expanded hospitality infrastructure that underpin Vision 2030’s drive to diversify the economy and position the Kingdom as a leading tourism hub.

The Minister of Tourism Ahmed Al-Khateeb highlighted the achievement on X, thanking Saudi Arabia’s leadership for their support, which he said “delivered another year of record performance and sustained growth.”

He added: “These preliminary figures, unveiled at WEF26 (World Economic Forum 2026), underscore a clear reality: Saudi tourism is no longer an emerging story. It is a growth engine, building investor confidence, shaping global demand, and unlocking long-term opportunity at scale.”

In 2024, the Kingdom welcomed 116 million tourists, exceeding its annual visitor target for the second consecutive year, according to the Ministry of Tourism’s statistical report released in June. 

The total comprised 29.7 million inbound visitors, marking an 8 percent year-on-year increase, and 86.2 million domestic trips, up 5 percent from 2023.

After surpassing its original 100 million visitor target six years ahead of schedule in 2023, the Kingdom revised its tourism ambitions, setting a new goal of 150 million annual tourists by 2030, including 70 million international visitors and 80 million domestic tourists.

Tourism currently accounts for 18 percent of global gross domestic product and 5 percent of the Kingdom’s GDP, Minister Al-Khateeb said, according to the Saudi Press Agency.

Speaking at a session titled “AI and the Future of Tourism” during the ninth Future Investment Initiative conference in October, Al-Khateeb said: “We aspire to double that figure within the next five years, which will represent 10 percent of total jobs.”

The minister highlighted the rapid transformation of the Kingdom’s tourism landscape, driven by the expansion of new segments such as entertainment, sports, culture, and conferences, events, and exhibitions.