Saudi Arabia’s Public Investment Fund has built an 8.2 per cent stake in struggling cruise operator Carnival, marking the Gulf fund’s latest high-profile direct investment after previous bets on companies such as Tesla and Uber.
The PIF’s position amounts to a $430m stake based on the US-traded company’s share price, which rose 23 per cent on Monday, but is still down by almost 80 per cent this year.
The PIF, which is used by Crown Prince Mohammed bin Salman to advance and diversify Saudi Arabia’s economic interests, revealed that it owned 43.5m shares in a regulatory filing signed by its head, Yasir al-Rumayyan, who is a close ally of the prince.
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