April 23, 2020 / 5:11 PM / a month ago

Saudi sovereign fund sees opportunities after coronavirus, PIF head says

RIYADH/DUBAI (Reuters) - The head of Saudi Arabia’s sovereign wealth fund Yassir al-Rumayyan said there will be a lot of potential for investment opportunities once the coronavirus crisis passes.

Rumayyan said the Public Investment Fund (PIF) was looking into investment opportunities in areas such as aviation, oil and gas and entertainment.

He was speaking at an online investment forum on Thursday.

“There will be economies up and running, we will see a lot of potential,” he said.

The PIF earlier this month disclosed an 8.2% stake in coronavirus-hit Carnival Corp (CCL.N), sending the cruise operator’s shares nearly 30% higher.

It has also recently accumulated stakes in four major European oil companies, a source told Reuters this month.

PIF manages over $300 billion in assets and has stakes in Uber (UBER.N) and electric car company Lucid Motors.

The fund is Saudi Crown Prince Mohammed bin Salman’s vehicle for boosting Saudi Arabian investments at home and abroad, as he seeks to diversify the kingdom’s oil-heavy economy.

Reporting by Marwa Rashad, Hadeel Al Sayegh; Editing by Elaine Hardcastle, William Maclean

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