Saudi Arabia’s sovereign wealth fund has invested hundreds of millions of dollars in several US companies, according to a new filing. The Gulf kingdom continues to aggressively pursue economic diversification with its investments.

The Public Investment Fund disclosed the following holdings via stocks, among others, according to a US Securities and Exchange Commission deposit from yesterday:

  • $464 million in Alphabet, owner of Google
  • $432 million on Amazon
  • $451 million in controversial investment firm Blackrock
  • $433 million in JPMorgan Chase
  • $474 million in Meta, owner of Facebook
  • $473 million in Microsoft
  • $492 million in PayPal
  • $482 million in Starbucks
  • $1.4 billion in video game developer Take-Two Interactive
  • $1.5 billion in Uber
  • $96 million in Walmart

The filing was made yesterday, but is dated June 30. The US stock market has fallen significantly this year.

Why is it important: The Public Investment Fund is headed by Crown Prince Mohammed bin Salman, who is leading the kingdom’s efforts to diversify and reduce its dependence on oil.

Many of the above-mentioned investments are in sectors where the Public Investment Fund has already taken an interest, such as video games. The bottom bought a 5% stake in Japanese video game giant Nintendo earlier this year. In January, the Public Investment Fund announced the creation of a competitive video game group.

The fund already owned shares in some of these companies. For example, he already owned 418,000 shares of Meta and now owns 2.9 million shares, according to the business newspaper. Zaouya.

In general, Saudi state entities prioritize investments in futuristic technologies. In February, Saudi state oil company Aramco announced a major investment in blockchain technology. In April, Aramco agreed to support an artificial intelligence center in the kingdom.

Oil, however, remains a major element of the Saudi economy. This week, Aramco reported a record $48 billion in second-quarter profit amid historically high oil prices this year.

Know more: One of the most talked about recent Public Investment Fund investments is the LIV golf league, which has successfully signed some of the biggest names in the sport, despite controversy.