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The Guardian - UK
The Guardian - UK
Business
Phillip Inman and agencies

Saudi Arabia transfers $80bn in shares to wealth fund for green projects

Saudi Arabia Mohammed bin Salman Aramco
Saudi Aramco said it had transferred 4% of its shares to the kingdom's Public Investment Fund.
Saudi Aramco said it had transferred 4% of its shares to the kingdom's Public Investment Fund. Photograph: Fayez Nureldine/AFP/Getty Images

Saudi Arabia has transferred shares worth $80bn to its sovereign wealth fund as the oil-rich nation hopes to rival Norway and Singapore’s state-managed funds and invest in green projects.

Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, said 4% of shares in Saudi Aramco, the world’s biggest oil exporter, would be transferred to the kingdom’s sovereign wealth fund as part of efforts to recalibrate the oil-dominated economy.

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