The $320 billion sovereign wealth fund from the Saudi Government will explore investment opportunities airlines, energy and entertainment companies
Saudi Arabia’s sovereign wealth fund is looking for bargain investments around the world amid the economic wreckage of the coronavirus crisis.
“We are looking into any opportunity,” Yasir Al-Rumayyan, governor of the $320 billion fund, said at a virtual event held yesterday by Saudi Arabia’s Future Investment Initiative.
Yasir Al-Rumayyan | Governor, Saudi Sovereign Wealth Fund
“Once the economy is open and up, I think we will see a lot of opportunities,” he said, giving airlines, energy and entertainment companies as examples.
The Public Investment Fund has stepped up deals in a bid to become the world’s biggest administrator of sovereign capital. It has built up equities in four European energy firms – Equinor ASA, Royal Dutch Shell Plc, Total SA and Eni SpA – in the past few weeks, according to people with an understanding of the matter. It has acquired an 8.2% stake in Carnival Corp. after the cruise operator’s shares slumped due to the fallout of the coronavirus pandemic.
In recent years, the Public Investment Fund has also invested in technology firms including Uber Technologies Inc. and Lucid Inc., and has invested large sums to Softbank Group Corp.’s Vision Fund.
