Saudi wealth fund denies plans to sell stakes in local firms

Saudi Arabia's Public Investment Fund (PIF) is not planning to divest any of its stakes in local companies, as its investments deliver attractive yields, the kingdom’s largest sovereign wealth fund said in a statement.

“The Public Investment Fund has no plan or intention to reduce its equity holdings in Saudi Arabia,” the PIF said in response to media reports that it was considering selling some of its holdings in local firms to diversify its asset portfolio and expand overseas.

The fund’s investments across the country also help support the local economy, the statement added.

PIF currently owns stakes in several companies and banks in the kingdom. It is a major shareholder in 19 Saudi-listed firms, including Saudi Basic Industries Corp (SABIC), National Commercial Bank (NCB), Samba Financial Group, Saudi Telecom Co. (STC) and Saudi Arabian Mining Co. (Maaden).