Since the COVID-19 crisis began, the PIF has spent $7.7 billion amassing a portfolio DUBAI: The Public Investment Fund (PIF), Saudi Arabia’s ambitious sovereign wealth fund, is seeking to use the extra $40 billion it was recently granted from government reserves to benefit the Kingdom and its citizens when the current coronavirus disease (COVID-19) pandemic is over. A spokesperson for the PIF said that the injection from reserves held by the Saudi Arabian Monetary Authority — announced last week — “allow us to tap into a number of local and global investment opportunities at attractive prices. This includes investments in sectors that are well positioned to drive economic growth and value creation and derive benefits for the citizens of our country well beyond the current crisis.” Since the COVID-19 crisis began, the PIF has spent $7.7 billion amassing a portfolio of shake stakes in some of the best-known corporate brand names in the world, including Boeing, Disney, Facebook and Marriott International. It also took big holdings in independent oil companies Shell, Total and BP, as well as banking giants like Citigroup and Bank of America. The shares of these and other investments in the PIF spending spree had been affected by the dramatic downturn in the US stock market after the first pandemic related lockdowns. They have since recovered almost to all-time highs as US authorities took emergency measures to support its financial institutions. Some investors are calculating that there will be a rapid economic recovery when the lockdowns end, to send stock markets soaring again. “The PIF’s role is to invest the nation’s wealth in a way that generates long-term attractive returns and a diversified source of wealth for the Saudi people. The uncertainty caused by COVID-19, and the subsequent drop in global oil prices, highlights why our economic diversification efforts are so important. Capital injections from the government are an established source of funding for the PIF, as outlined in our strategy as part of our Vision Realization Program,” the PIF spokesman said. The fresh resources for the fund, which has $320 billion of assets under management, will provide extra firepower to take advantage of perceived bargains. Yasir Al-Rumayyan, governor of the PIF, said last month: “You don’t want to waste a crisis. We’re looking into any opportunities.”