Uber has become the Saudi PIF‘s largest US equity holding by market value at $5.31 billion, surpassing Lucid, the electric vehicle manufacturer.
The change was due to a recent increase in Uber’s stock price and a fall in Lucid’s market value.
The PIF also has interests in US tech giants, including Amazon, Alphabet, Microsoft, and Meta.
Becoming The PIF’s Largest Equity Holder
The landscape of global investments is ever-evolving, and recent developments have highlighted a significant shift within the Saudi Public Investment Fund (PIF).
As the PIF continues to refine its investment strategy, Uber Technologies Inc. has emerged as its largest single holding in the United States, surpassing Lucid Group Inc.
This transition not only reflects the changing dynamics of the tech sector but also underscores the PIF’s strategic focus on consumer technology and disciplined investment practices.
The Rise of Uber in PIF’s Portfolio
Uber’s ascent to the top of the PIF’s US equity holdings is noteworthy. As of March 2025, the value of Uber’s shares held by the fund reached an impressive $5.31 billion, with the PIF maintaining a consistent stake of 72.84 million shares.
This increase in value is attributed to a favorable market performance of Uber’s stock, which has seen a notable uptick in recent months.
Comparison with Lucid Group
In contrast, Lucid Group, which previously held the top position in the PIF’s portfolio, has experienced a decline in market value. The PIF’s holdings in Lucid, totaling 1.77 billion shares, have dropped to approximately $4.29 billion, down from over $5.3 billion at the end of 2024.
This shift illustrates the volatility of the electric vehicle market and the challenges faced by companies like Lucid in maintaining investor confidence.
Implications of the Shift
The transition from Lucid to Uber as the PIF’s leading investment signifies a broader trend within the fund’s strategy. By prioritizing investments in established consumer technology companies, the PIF is positioning itself to capitalize on sectors with more stable growth trajectories.
This strategic pivot may also reflect a desire to mitigate risks associated with emerging markets, particularly in the electric vehicle sector.
PIF’s US Equity Portfolio
The PIF’s overall US equity portfolio has seen a slight decline, dropping to $25.55 billion by the end of March 2025, down from $26.77 billion in the previous quarter.
This decrease can be attributed to various market-driven valuation changes rather than a significant reallocation of assets. Most of the fund’s holdings have remained stable in terms of share count, indicating a cautious approach to investment management.
Key Holdings and Strategic Adjustments
While Uber has taken the lead, the PIF has also made strategic adjustments to its other holdings. Notably, the fund has increased its stake in PayPal Holdings, nearly doubling its position from 1.76 million to 3.67 million shares.
Additionally, the PIF has expanded its investments in other tech giants, including Amazon, Zoetis, Micron Technology, and Lam Research. These moves reflect a commitment to diversifying its portfolio while focusing on sectors with high growth potential.
The Role of Derivatives in PIF’s Strategy
In its latest 13F filing with the US Securities and Exchange Commission, the PIF disclosed positions in call options for several major tech companies, including Amazon, Adobe, Microsoft, Alphabet, and Meta Platforms.
These derivatives provide the fund with capital-light exposure to high-value tech equities, allowing for strategic flexibility without the need for direct share ownership. This approach highlights the PIF’s sophisticated investment strategy and its ability to navigate complex financial instruments.
Supporting Vision 2030
As the PIF continues to evolve its investment strategy, it is also actively seeking to raise capital to support its Vision 2030 initiatives. The fund has tapped into capital markets to finance various projects, including a recent sukuk issuance that raised $1.25 billion.
This issuance, part of the Trust Certificate Issuance Programme as Sukuk Al-Wakala, demonstrates strong investor confidence and the PIF’s growing expertise in Islamic finance.
Sukuk Issuance and Investor Confidence
The sukuk issuance attracted over $8.2 billion in orders, allowing the PIF to tighten pricing from 145 basis points over US Treasuries to just 110 basis points.
This successful fundraising effort underscores the market’s confidence in the PIF’s financial direction and its commitment to maintaining a disciplined approach to capital management.
PIF’s New Era of Capital Discipline
The PIF’s recent adjustments signal a new era of financial prudence and capital discipline. Rather than scaling back its ambitions, the fund is reallocating resources to focus on ventures with measurable returns.
This approach aligns with upcoming events such as Riyadh Expo 2030 and the 2034 FIFA World Cup, which present significant opportunities for economic growth.
Co-Investment Strategies by PIF
To further enhance its investment strategy, the PIF is increasingly engaging in co-investment deals with prominent firms such as Goldman Sachs, BlackRock, and Brookfield.
These partnerships allow the fund to attract external capital while reducing its reliance on sovereign funding. The goal is to deploy up to $70 billion annually while ensuring long-term sustainability and profitability.
Market Appetite for PIF-Backed Instruments
Despite the evolving landscape, there remains a strong market appetite for PIF-backed financial instruments. The successful pricing of the latest sukuk issuance reflects sustained confidence in the fund’s strategic execution and its ability to navigate complex market conditions.
This confidence is crucial as the PIF seeks to solidify its role as a cornerstone of Saudi Arabia’s post-oil future.
Reshaping Saudi Economic Future
The recent developments surrounding Uber’s rise as the PIF’s largest US equity holding highlight a significant shift in investment strategy. By prioritizing established consumer technology companies and adopting a disciplined approach to capital management, the PIF is positioning itself for long-term success.
As the fund navigates the complexities of the global market, its focus on high-value investments and strategic partnerships will play a crucial role in shaping Saudi Arabia’s economic future.
More PIF’s Ventures
PIF’s New Office in Paris
Saudi Arabia’s Public Investment Fund(PIF) has opened its New Office in Paris to increase its investments in Europe to $170 billion by 2030.
Announced by the PIF Governor Yasir Al Rumayyan, the PIF’s investments are expected to generate an economic impact of $105 billion by 2030.
The PIF has already invested $84.7 billion across Europe, created over 254,000 jobs, and aims to drive global economies and lead the economic transformation of Saudi Arabia.
PIF’s Stake in Selfridges Department Stor19.
Public Investment Fund (PIF) has acquired a 40% stake in Selfridges, the renowned British luxury department store, in collaboration with Central Group.
This partnership is designed to accelerate growth for Selfridges, especially for its well-known Oxford Street store in London.
The move fits PIF’s broader strategy to diversify its international investments and strengthen its portfolio in significant retail, sports, and hospitality industries.
PIF’s Partnership with Concacaf
Saudi Arabia’s Public Investment Fund has entered a long-term agreement with Concacaf, FIFA’s governing body for football in the Americas.
This collaboration focuses on developing the sport across all levels in North, Central America, and the Caribbean levels.
The deal fits with PIF’s expanding sports investment strategy as the US, Mexico, and Canada gear up for the 2026 FIFA World Cup.
PIF’s Partnership with ATP
Saudi Arabia’s PIF and ATP, the organization that oversees men’s tennis, have revealed a new long-term partnership to enhance tennis worldwide.
Through this deal, PIF will be the official sponsor of the ATP Rankings and a key partner in ATP events.
This announcement comes after Rafael Nadal was named ambassador for the Saudi Tennis Federation and the introduction of the 6 Kings Slam Tennis Tournament, set for Riyadh this October, featuring top stars like Novak Djokovic.
PIF’s London Heathrow Airport Acquisition
Saudi Arabia’s Public Investment Fund and the private equity firm Ardian from France have acquired a 38% stake in the London Heathrow Airport for approximately $4.1 billion.
After acquiring it from Ferrovial and other shareholders, this investment will give Ardian a 22.6% share and PIF a 15% stake.
This move aligns with PIF’s goal of promoting long-term business collaborations and investing in the global aviation industry.
The PIF-Backed BlackRock Investment Platform
BlackRock, the most significant asset manager globally, has announced the establishing of a new investment platform in Saudi Arabia, financed by up to $5 billion from the Public Investment Fund of Saudi Arabia.
The primary goal of this initiative is to expedite the growth of Saudi Arabia’s financial markets and provide funding for various investments in the region, including the Middle East and North Africa.
The PIF, which invested $31.5 billion last year, is the largest sovereign wealth fund in expenditure worldwide.
PIF’s Investment in Mobile Gaming
Savvy Games Group, wholly owned by the Public Investment Fund of Saudi Arabia, is looking to increase its mobile gaming investments following Monopoly Go’s success.
This game brought in a whopping $2 billion in revenue. Savvy Games Group acquired Scopely, a top video game developer, in April for $4.9 billion. The same month, they launched Monopoly Go with a marketing budget of $500 million.
The Kingdom of Saudi Arabia’s ongoing gaming investments aim to establish itself as a significant player in the video game industry.
PIF’s Electric 360 Partnership
The PIF has entered into a long-term partnership, Electric 360, with Formula E, Extreme E, and E1 Powerboat racing to accelerate Electric Motorsports’ global expansion.
The PIF, which already owns a 5% share in Formula E and nearly 50% share in off-road Extreme E, will now include thrilling races in Saudi Arabia, including the annual Formula E event held in the historic city of Diriyah.
The PIF’s Magic Leap Investment
The Public Investment Fund has made a significant investment of $590 million in Magic Leap, a U.S.-based company known for its expertise in immersive virtual reality headsets, directly competing with Apple’s Vision Pro.
This strategic move coincides with the imminent release of Apple’s Vision Pro, priced at $3,499, further escalating the rivalry among Magic Leap, Meta, and Apple.
With this considerable financial injection, Magic Leap’s total funding now surpasses $4.5 billion, positioning it for a potential technological revolution.
PIF and ESPN Partner in PFL
The PIF has partnered with ESPN in a significant deal involving the Professional Fighters League. The partnership highlights Saudi Arabia’s growing influence in global sports.
The deal involves broadcasting and Pay Per View on ESPN+ and aims to boost Saudi Arabia’s presence in the international sports arena.
This diverse technology and sports portfolio showcases PIF’s dedication to promoting sports and investing in high-profile events.
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