The fund bought financial stocks, investing $522 million in Citigroup Inc. and $488 million in Bank of America Corp., while also spending $714 million on a stake in Boeing Co. The Saudi fund invested in oil stocks during a period when Prince Mohammed attempted to assert control over the oil market. Saudi Arabia subsequently attempted to revive the oil market by agreeing to production curbs in a deal on April 12. Outside the oil industry, PIF bought stakes in the first three months of the year worth $496 million in Disney, $522 million in Facebook, $491 million in Cisco and $514 million in Marriott, the filing shows. PIF's spending comes months after Saudi Arabia listed national oil company Aramco, helping raise nearly $30 billion for the fund to deploy.

Source: Wall Street Journal May 16, 2020 15:11 UTC