Saudi Arabia’s sovereign wealth fund has denied plans to sell stakes in local companies to raise funds for international expansion. Local news source Argaam cited the investment vehicle as saying: ‘The Public Investment Fund [PIF] has no plan or intention to reduce its equity holdings in Saudi Arabia.’ Earlier this week media reports claimed that the PIF – which has roughly USD100 billion worth of shares in 19 Saudi-listed companies, including Saudi Telecom Company (STC) — was in the process of reviewing the equity stakes to diversify its assets.