Riyadh: Saudi Crown Prince Mohammed bin Salman on Sunday announced the completion of the transfer of 4 per cent of the total shares of Aramco from Kingdom ownership to the Saudi Arabian Investment Company, Sanabil Investment, owned by the Public Investment Fund (PIF), the Saudi Press Agency (SPA) reported.
This comes as a continuation of the Kingdom’s initiatives aimed at strengthening the national economy in the long term and diversifying its resources.
Mohammed bin Salman stressed that the transfer process contributes to maximizing the assets of the Public Investment Fund (PIF) and increasing its investment returns, which enhances the fund’s strong financial position and credit rating.
He explained that the Kingdom remains the largest shareholder in Saudi Aramco after the transfer process, with a percentage of (90.18 per cent) of the company’s total shares.
He pointed out that the Public Investment Fund (PIF) is continuing to launch new sectors, build strategic economic partnerships, localize technologies and knowledge, in addition to creating more direct and indirect jobs in the local labor market.
The transfer of part of the Kingdom’s shares in Aramco is a continuation of Saudi Arabia’s long-term initiatives to diversify the national economy and expand investment opportunities in line with Vision 2030, SPA quoted Prince Mohammed as saying.
In February 2022, 4 per cent of Aramco shares were also transferred to the Public Investment Fund.
The transfer of new shares, like the previous ones, will contribute to supporting the Saudi sovereign fund’s plans aimed at raising the volume of its assets under management to about 4 trillion Saudi riyals by the end of 2025.
