Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister announced on Sunday the completion of the transfer of 4% of Saudi Aramco's total issued shares from the State's ownership to the Saudi Arabian Investment Company (Sanabil Investments), a wholly owned company of the Public Investment Fund (PIF).
The Crown Prince is Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of PIF.
He indicated that the transfer of part of the State’s shares in Saudi Aramco is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030.
The transfer will also solidify PIF’s strong financial position and credit rating.
The Crown Prince pointed out that the State will remain Saudi Aramco's largest shareholder following the transfer, with total ownership of 90.18 of the company’s shares.
PIF continues with its mandate to launch new sectors, build new strategic partnerships, localize technologies and knowledge, and create more direct and indirect job opportunities in the local market, he said.
