Public Investment Fund is on a stock buying spree, investing billions of dollars in companies with battered valuations owing to pandemic, like cruise operator Carnival, BP, Boeing, Citigroup and Facebook Saudi Arabia’s reserves fell for a second month after the kingdom said it had transferred 150 billion riyals ($40 billion) to finance an investment spree by its sovereign wealth fund.
Net foreign assets in the Arab world’s biggest economy declined by $20.9 billion in April, a decrease of 4.5% from the previous month, according to data released Sunday by the Saudi Arabian Monetary Authority.
The fall follows a $27 billion plunge in March, when the stockpile shrank at the fastest pace in at least two decades. “We’re still in a comfortable