Riyadh – Mubasher: The Saudi sovereign wealth fund, the Public Investment Fund (PIF) has purchased shares in three US-based companies, namely Alphabet, Zoom Video, and Microsoft, as part of a wider pick of US stocks.

The transaction brings the market value of the wealth fund’s investment portfolio to nearly $40.8 billion at the end of the second quarter (Q2), Reuters reported on Tuesday.

Recently, the Saudi Egyptian Investment Company (SEIC), a PIF wholly owned subsidiary, acquired minority stakes in four Egyptian companies at a value of $1.300 billion. 

The transaction comes in light of Egypt’s plan to expand ownership base and encourage direct foreign investment.