Saudi Arabia's sovereign wealth fund adds a $412 million bet on tourism as oil income boosts equity investments

Saudi Arabia's wealth fund is investing in travel and tourism.

A 30% stake in the company was announced by the Public Investment Fund.

Revenues from oil have aided the kingdom's drive towards a goal of overseeing $1 trillion in assets by the year 2025.

The PIF poured $7 billion into stocks in August after oil income soared in the second quarter, as they plan to buy a total of $10 billion in stock this year.

In May, the fund acquired a large stake in the company.

Since Russia invaded Ukraine in February, the kingdom has been a beneficiary of elevated energy market prices.

Saudi Arabia's state-run company Saudi Aramco reported second-quarter net income of $48 billion.