Saudi Crown Prince shifts 4% of Aramco shares to fund
- Date: 19-Apr-2023
- Source: Al Bawaba
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Crown Prince shifts 4% of Aramco shares to fund
ALBAWABA - Saudi Arabia's Crown Prince Mohammed bin Salman announced the transfer of 4 percent of the shares of his country's largest oil company to a public fund to shore up economic activity in the oil-rich kingdom, according to the state Saudi Press Agency (SPA).
The shares of the Saudi Arabian Oil Company, also known as Aramco, were shifted from state ownership to Saudi Arabia Public Investment Fund's subsidiary, "Sannabil for Investment," the agency said.
The move is part of the kingdom's long-term plan to strengthen the national economy, the agency pointed out.
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