Saudi wealth fund snaps up $7.7bn of blue-chip stocks

FINANCIAL TIMES 🔒| Saudi Arabia’s sovereign wealth fund snapped up stakes worth at least $7.7bn in US and European blue-chip companies during the first three months of the year as it aggressively hunts assets at knockdown prices during the coronavirus pandemic.

The largest investments by the Public Investment Fund, which is chaired by Crown Prince Mohammed bin Salman include a holding in UK energy major BP worth $827.8m, and a stake in Boeing, valued at $713.6m at the end of March, according to a US regulatory filing.

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