Saudi Arabia Transfers 4% of Aramco Shares to Public Investment Fund

Saudi Crown Prince Mohammed bin Salman announced that 4% of the shares of the Saudi Arabian Oil Company "Aramco" have been transferred to the Public Investment Fund.

The crown prince added that the transfer of these shares is part of the Kingdom's long-term strategy aimed at supporting the restructuring of the national economy, in line with the Kingdom's Vision 2030, and also contributes to supporting the fund's plans to raise the volume of its assets under management to about 4 trillion Saudi riyals by the end of 2025.

The shares of Saudi Aramco transferred to the Public Investment Fund will contribute to enhancing the fund's strong financial position and high credit rating in the medium term, as the fund relies in its financing plan on the value of assets and investment returns from assets under management.

Bin Salman added that the fund continues to achieve its strategy by maximizing its assets, launching new sectors, building strategic economic partnerships, and localizing technologies and knowledge to reach 60%, in addition to creating more direct and indirect jobs in the local labor market.

He also indicated that the state is still the largest shareholder in Saudi Aramco after the transfer process, as it owns more than 94% of the company's total shares.