Saudi Arabia’s PIF makes substantial investments amidst plunging share prices

(United Arab Emirates)

CNBC has reported that Saudi Arabia’s sovereign wealth fund, the Public Investment Fund of Saudi Arabia (PIF), bought a 5.7% stake worth $500 million in the American events company, Live Nation. Following the investment, PIF became the third-largest shareholder at Live Nation.

PIF has been actively investing throughout the Covid-19 pandemic, taking advantage of the plunging share prices.

Read the original article on CNBC: Saudi Arabia buys $500 million stake in coronavirus-hit Live Nation, stock jumps nearly 10%