Riyadh – Mubasher: Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, who is the Chairman of both the Public Investment Fund (PIF) and the Council of Economic and Development Affairs, announced the completion of transferring 8% of Saudi Arabian Oil Company’s (Aramco) issued shares from the state's ownership to PIF’s fully owned companies.
Following the transfer, which was revealed on 7 March 2024, the total state’s ownership will stand at 82.186% of Aramco’s shares, according to an official statement.
Transferring part of the state’s shares in Aramco is a continuation of the Kingdom’s long-term initiatives to boost and diversify the national economy and expand investment opportunities as aligned with the Saudi Vision 2030, the Crown Prince said.
He stressed that the transfer will solidify the Saudi sovereign wealth fund’s strong financial position and credit rating.
Prince Al Saud further stated that the PIF continues with its mandate to establish new sectors and build new strategic partnerships, in addition to localising technologies and knowledge while creating more direct and indirect job opportunities in the local market.
In April 2023, the Saudi Crown Prince announced transferring 4% of Aramco’s total shares from the state’s ownership to PIF’s Saudi Arabian Investment Company (Sanabil Investments).
