Saudi Arabia transfers another 4% stake in Saudi Aramco to sovereign wealth fund
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Saudi Crown Prince Mohammed bin Salman announced on Sunday that he had transferred 4% of his shares in Saudi Aramco to the Saudi Arabian Investment Company (Sanabil Investments), which is wholly controlled by the country’s sovereign wealth fund (PIF). The prince will continue to be the largest shareholder in the oil company, notes “Al Arabiya”. He now holds 90.18% of Saudi Aramco.
This is the second such tranche of shares of the oil giant in the portfolio of the sovereign fund. The first 4% were transferred in mid-February. As the fund said at the time, these transactions “are part of Saudi Arabia’s long-term strategy to restructure the economy” and reduce its dependence on oil exports. In general, the country’s government intends to increase the PIF portfolio by 2025 to 4 trillion rials ($1.1 trillion).
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