American newspaper: Saudi Arabia invested $7.5 billion in the US in the second quarter of the year

The Saudi Arabian Public Investment Fund has bought stakes in large US companies, taking advantage of the profits the Kingdom has received from rising oil prices this year in the context of diversifying the sources of the economy.

She said Wall Street Magazine Citing a report from the US Securities and Exchange Commission fund, the fund spent $7.5 billion on large US companies in the second quarter of this year.

The fund bought stakes in 17 companies such as Google parent Alphabet, BlackRock, Microsoft and Amazon and in the three months ended June 30 as the kingdom uses windfalls from high oil prices to diversify its holdings .

The filings show that each investment was worth between $400 million and $500 million.

Despite the purchases, the fund’s total US stock fell $3 billion in the second quarter to $40.8 billion due to lower share prices this year.

The Wall Street Journal reported that Saudi Crown Prince Mohammed bin Salman, who heads the State Investment Fund, wants to use oil profits to divert the Saudi economy away from oil.

On Sunday, national oil company Aramco announced a 90 percent increase in net profit.

Source: Wall Street Journal.

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