Saudi Arabia’s $300 billion Public Investment Fund (PIF) has bought minority stakes amounting to $10 billion in a number of US companies, including Boeing, it has been reported.
The transactions were made amid market weakness in the wake of the coronavirus pandemic, which has caused share prices to tumble in recent weeks.
According to a Reuters report, the PIF bought a $713.7 million stake in US planemaker Boeing.
“PIF is a patient investor with a long-term horizon,” the PIF said in a statement.
“As such, we actively seek strategic opportunities both in Saudi Arabia and globally that have strong potential to generate significant long-term returns while further benefiting the people of Saudi Arabia and driving the country’s economic growth.
“These opportunities include sectors and companies that are well positioned to drive economies and lead sectors moving forward.”