Wall St and Broad St signs are seen by the New York Stock Exchange building in the financial district of New York City. The value of the Public Investment Fund's investments in US stocks increased to $15.9bn in the second quarter. Getty Images
Wall St and Broad St signs are seen by the New York Stock Exchange building in the financial district of New York City. The value of the Public Investment Fund's investments in US stocks increased to $15.9bn in the second quarter. Getty Images
Wall St and Broad St signs are seen by the New York Stock Exchange building in the financial district of New York City. The value of the Public Investment Fund's investments in US stocks increased to $15.9bn in the second quarter. Getty Images
Wall St and Broad St signs are seen by the New York Stock Exchange building in the financial district of New York City. The value of the Public Investment Fund's investments in US stocks increased to

Business

Saudi Arabia's PIF boosts stake in US game maker Activision

The sovereign wealth fund increased its share in Activision Blizzard by 13.3 per cent pushing the total value of its investments in American equities to $15.94bn

Massoud A Derhally
Massoud A Derhally

August 17, 2021

  • English
  • Arabic

Saudi Arabia's sovereign wealth fund increased its stake in American video game maker Activision Blizzard, boosting the value of its US stock holdings by 3.2 per cent to $15.94 billion in the second quarter, according to a US regulatory filing on Monday.

The Public Investment Fund (PIF) increased its investment in Activision by about 13.3 per cent to 37.87 million shares in the second quarter, according to a Securities and Exchange Commission filing. The value of its stake in the company is $3.6bn. The fund had more than doubled its investment in the video game company in the first quarter.

The value of the fund's stake in game developer Electronic Arts increased nearly 6.3 per cent to $2bn. The value of the fund's shares in a third game developer, Take-Two Interactive Software, edged up about 0.2 per cent to $998 million.

The sovereign wealth fund lies at the centre of the kingdom's Vision 2030 plan that seeks to diversify the Arab world's largest economy and reduce its reliance on oil. Under a five-year strategy that was announced in January, the fund aims to more than double the value of its assets under management to $1.07 trillion and to commit $40bn annually to develop the domestic economy until 2025.

The fund created 10 new sectors, launched over 30 new companies, created 331,000 jobs in Saudi Arabia, and tripled assets under management to nearly $400bn over the past four years. Under its five-year strategy, the fund will focus on 13 sectors as part of its core domestic strategy.

The value of the fund's investment in MultiPlan Corporation, a health care management software company, increased 71 per cent to about $488m. The value of the investment in Live Nation Entertainment, the world’s largest live entertainment company, increased about 3.5 per cent in the quarter to $1.1bn.

The fund retained its 72.8 million shares in ride-hailing company Uber and 2.8 million shares in the South Korean e-commerce giant Coupang, which is backed by Japan's SoftBank. The PIF is an anchor investor of the SoftBank Vision Fund.

The latest regulatory filing also shows the fund maintained its 50.8 million shares in US cruise line operator Carnival Corporation, which was affected by the coronavirus crisis, but has since rebounded with the roll out of vaccines. Its value slipped 0.68 per cent from the last quarter to $1.34bn. The PIF's US equity portfolio includes 13 companies.


The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The schedule

December 5 - 23: Shooting competition, Al Dhafra Shooting Club

December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

December 12 - 20: Sour milk competition

December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

December 16 - 19: Falconry competition

December 18: Camel milk competition, from 7.30 - 9.30 am

December 20 and 21: Sheep beauty competition, from 10am

December 22: The best herd of 30 camels

While you're here
Liz%20Truss
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McIlroy's struggles in 2016/17

European Tour: 6 events, 16 rounds, 5 cuts, 0 wins, 3 top-10s, 4 top-25s, 72,5567 points, ranked 16th

PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

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SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
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Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
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Coco’s Farm and Neria’s Farm
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Updated: August 17, 2021, 5:44 AM
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