PIF divests from Meta, FedEx, Shopify amid Saudi budget woes

Saudi Arabia’s Public Investment Fund bid a lucrative goodbye to Mark Zuckerberg’s Meta stock after the tech company’s shares rose 28% in the second quarter.

The divestment by the $1 trillion sovereign wealth fund from Facebook’s corporate parent was one of the PIF’s biggest exits, according to a Bloomberg analysis of its latest 13F U.S. regulatory filing.

The Riyadh-based fund, which leads the kingdom’s efforts to diversify the economy from its historic dependence on oil revenues, also sold off holdings in FedEx, Shopify and Alibaba during the quarter ended June 30.

While divesting from Meta, the PIF made new investments in Uber and Lucid Group, as well as in video-game makers Electronic Arts and Take-Two Interactive Software, which now rank among the fund’s top holdings.

The PIF, meanwhile, cut the value of Neom, Red Sea Global and other mega-projects by 12% or $8 billion last year, amid lower oil prices and broad efforts to address the kingdom’s fiscal deficit, Bloomberg reported this week.

UAE pushes artificial intelligence use in all government agencies

The UAE is amping up the use of artificial intelligence in all aspects of government.

Speaking at Dubai’s AI retreat 2025 on Sunday, Omar Al Olama, the UAE’s Minister of State for AI, Digital Economy and Remote Work Applications, said all departments will be evaluated on the effectiveness of how they use the emerging technology, The National reports.

“We don’t want to leverage artificial intelligence just for the sake of AI,” Al Olama said. “We want to ensure that the application actually improves the quality of life of citizens in the UAE and in Dubai specifically.”

The minister spoke during the AI event’s opening session at Dubai’s Museum of the Future. The retreat brings together more than 1,000 AI experts, policymakers, and executives from companies including Microsoft, Meta, Google and IBM.

Among those participating in the week’s activities are Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Prime Minister and Mohammad bin Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and Managing Director of the Dubai Future Foundation.

Delegations from more than 100 countries have come to the city for a deep dive into AI technology.