Riyadh March 7 2024: Crown Prince Mohammed bin Salman announced transferring 8% of Saudi Aramco’s issued shares to wholly owned portfolios by the Public Investment Fund (PIF).
Accordingly, the Saudi government’s ownership in Aramco will reach 82.186%, the state-run SPA reported.
The ownership transfer of the state’s shares in Saudi Aramco is part of the Kingdom’s ongoing initiatives to boost the long-term national economy, diversify its resources, and provide more investment opportunities in line with the objectives of Saudi Vision 2030, the Crown Prince stated.
The transfer process contributes to maximizing the PIF’s assets and increasing its investment returns, which strengthens the fund’s strong financial position and credit rating.
The Kingdom’s sovereign wealth fund is pushing ahead with launching new sectors, building strategic economic partnerships, localizing technologies and knowledge, in addition to creating more direct and indirect job opportunities in the local labor market, Prince Mohammed bin Salman concluded.
