沙特资金上演“向西迁徙”! 沙特国内股市失色 资金向美股狂奔

Core Insights - Saudi Arabian investors significantly increased their trading activities in the US stock market in 2025, reallocating funds from a domestic market that ranked among the worst globally [1][4][6] - The Saudi stock market experienced a notable decline, with the Tadawul All Share Index dropping 9% in Q4 and a total annual decline of 13%, while the US market, particularly the S&P 500, rose over 16% [4][6] Group 1: Trading Activities - In Q4 2025, Saudi financial institutions' trading volume in US stocks reached approximately 254 billion riyals (about 68 billion USD), doubling compared to the same period last year [1] - The total trading volume in the Saudi stock market fell sharply from over 1.1 trillion riyals at the beginning of 2024 to about 574 billion riyals by the end of 2025 [1] Group 2: Market Performance - The decline in the Saudi stock market is attributed to expectations of oversupply in oil, fiscal pressures, and regional tensions, contrasting sharply with the performance of the US market driven by major tech companies and enthusiasm for AI [4][6] - Despite the Public Investment Fund (PIF) reducing its holdings in US-listed stocks, it still invested heavily in significant acquisitions, including a 55 billion USD purchase of Electronic Arts and a 3 billion USD investment in xAI [4] Group 3: IPO Market Dynamics - The Saudi IPO market has cooled significantly, with a series of underperforming new listings and a slow start to new offerings this year [5] - In contrast, US companies are preparing for a new wave of large IPOs, including SpaceX, which could surpass Saudi Aramco's IPO as the largest globally [5] Group 4: Investment Strategy - Saudi investors are actively reallocating to the US market due to a significant relative return gap, with the US market offering asset supplies that the local market cannot match [6] - The Saudi government's investment commitments to the US have increased, with potential investments reaching close to 1 trillion USD across various strategic sectors [7]