Saudi Arabia’s PIF decreases stake in Amazon
PIF has also divested from its call option on Amazon
Dubai: Saudi Arabia’s Public Investment Fund (PIF) decreases its stake in Amazon, reducing it by nearly 80 per cent in the most recent quarter.
The sovereign wealth fund, which oversees over $700 billion (Dh2.5 trillion) in assets, disclosed in its latest filing with the Securities and Exchange Commission that it now owns fewer than 350,000 shares, down from more than 1.5 million shares reported in June.
This current holding is valued at approximately $66 million (Dh242 million), a decline from the previous $296 million (Dh1 billion).
PIF has also divested from its call option on Amazon, indicating a pivot away from leveraged investments in Jeff Bezos’ $1.95 trillion (Dh7 trillion) tech company.
A call option allows a trader to buy a specified asset at a predetermined price within a certain timeframe.
This reduction reflects a broader rebalancing of PIF’s portfolio as it aims to prioritise investments with clearer growth potential or sectors that align more closely with Saudi Arabia’s Vision 2030 economic transformation objectives.