Saudi Arabia gives 4% Aramco stake to public investment firm – Gulf Today

Saudi Arabia gives 4% Aramco stake to public investment firm – Gulf Today

Photo used for illustrative purpose.

Saudi Arabia’s Crown Prince Mohammed Bin Salman announced on Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil.

Crown Prince Mohammed Bin Salman’s decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi Arabian Investment Co., known as Sanabil Investments. Sanabil is under the sovereign wealth fund known as the Public Investment Fund.

“The transfer will also solidify PIF’s strong financial position and credit rating,” the statement about the deal said. It gave no possible investment targets for either Sanabil or the PIF.

Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the shares going to Sanabil. It said the Saudi government remains the oil firm’s biggest shareholder, with