Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has significantly reduced its holdings in US stocks during the first quarter of the year, nearly halving the value of its direct investments in these equities.

Anghami, the largest streaming service in the Middle East, has seen its shares surge by more than 80 per cent on the Nasdaq over the past five trading days, following the disclosure that Saudi Arabian media powerhouse MBC has acquired 13.7 per cent of the company’s total ordinary shares, according to a filing with the US Securities and Exchange Commission (SEC).