DUBAI: Saudi sovereign wealth fund PIF held nearly $56 billion worth of US-listed stocks as of December last year, up from $43.4 billion at the end of September, boosted by the increased value of electric car maker Lucid, it said in a US regulatory filing.
The fund’s Lucid holdings were valued at $38.6 billion as of December, up from $25.8 billion at the end of September, the filing showed.
Lucid’s listing in July last year was a huge boost for the Saudi sovereign wealth fund. The Public Investment Fund (PIF), which currently holds a nearly 62 percent stake in Lucid, had invested more than $1 billion in the company in 2018 for a substantial stake and increased its investment in February 2021.
Shares of Lucid have fallen 28 percent so far this year.
The PIF also owns a 3.75 percent stake in ride-sharing company Uber Technologies.
The sovereign wealth fund sharply cut its stake in Prologis, while substantially increasing its stake in Farfetch, a technology platform in the fashion industry, to 3.3 million class A shares.
It also raised its stake in Pinterest.
PIF, which manages about $480 billion in assets, is at the center of Saudi Arabia’s Vision 2030, a national strategy aimed at diversifying the kingdom’s economy and cutting reliance on hydrocarbons.
On Sunday the government said Crown Prince Mohammed bin Salman had transferred 4 percent of Saudi Aramco shares worth $80 billion to the kingdom’s sovereign wealth fund.
Saudi PIF held nearly $56bn of US-listed stocks in December 2021
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Saudi PIF held nearly $56bn of US-listed stocks in December 2021
Saudi Arabia raises $605m in January sukuk issuance: NDMC
RIYADH: Saudi Arabia’s National Debt Management Center has raised SR2.26 billion ($605 million) through its latest sukuk issuance.
Sukuk are Shariah-compliant financial instruments akin to bonds, granting investors a share in the issuer’s assets. Unlike conventional bonds, they comply with Islamic finance principles, which forbid interest-based transactions.
According to the NDMC, the January issuance was divided into five tranches. The first tranche was valued at SR410 million and is set to mature in 2031. The second amounted to SR338 million, maturing in 2033, while the third tranche, worth SR101 million, will expire in 2036.
The fourth portion, valued at SR523,000, is due in 2039, while the last tranche, due in 2041, was valued at SR1.42 billion.
The January figure represents a decrease of 67.64 percent compared to December, when the Kingdom raised SR7.01 billion from sukuk issuances.
In recent years, the Kingdom’s debt market has experienced swift growth, with investors increasingly turning to fixed-income instruments as rising global interest rates reshape the financial landscape.
This comes as the Gulf Cooperation Council sukuk outstanding climbed 12.7 percent to $1.1 trillion by the end of the third quarter of 2025, according to a recent Fitch Ratings report.
The US-based credit rating agency said debt capital market activity in the GCC is expected to remain strong into 2026, supported by a healthy pipeline of anticipated issuances.
The report noted that sukuk issuances increased 22 percent year on year in the first nine months of this year, accounting for 40 percent of total GCC DCM outstanding.
Sukuk also outpaced bond growth, which expanded 7.2 percent year on year.
Also known as Islamic bonds, these debt products allow investors to gain partial ownership of an issuer’s assets until maturity.
