The $ 300 billion Saudi sovereign wealth fund (PIF) expanded its holdings significantly in the first quarter.
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The fund bought approximately $ 500 million in shares from Facebook, Walt Disney, Marriott International and Cisco Systems.
PIF also acquired shares in Citigroup for $ 522 million, Bank of America for $ 488 million, and Boeing for $ 714 million, according to a regulatory filing with the United States.
Crown Prince Mohammed bin Salman instructed the sovereign wealth fund in 2015 to diversify the oil-focused economy into other areas.
Because of the collapse in oil prices Saudi Arabia in a financially difficult situation. The country has recently tripled VAT and cut subsidies for civil servants.
FRANKFURT (Dow Jones)
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