Saudi Arabia's Crown Prince Mohammed bin Salman announced the transfer of 4% of Saudi Aramco shares to the Public Investment Fund, Saudi Arabia's sovereign wealth fund, state news agency SPA reported on Sunday.
The Crown Prince said the state remains the largest shareholder in Saudi Aramco after the transfer process, as it owns more than 94% of the company's shares.
He stressed that the move comes as part of the Kingdom’s long-term strategy to support the restructuring of its economy, in line with Vision 2030.
The transfer of shares will also support the PIF’s plans to grow its assets under Management to around SAR 4 trillion by the end of 2025.
The shares will bolster the Fund’s strong financial position and high credit ratings in the medium term.
The Crown Prince said that the PIF continues to follow its strategy by maximizing the value of its assets, launching new sectors, forming strategic partnerships, and localizing knowledge and technologies.
By 2025, the Public Investment Fund will deploy up to SAR 1 trillion in domestic projects, increasing its local content contributions and the contributions of its portfolio of companies to around 60 percent, creating direct and indirect jobs in the local labor market.
The Crown Prince affirmed that the Kingdom remains committed to continuing the implementation of its financial and economic reforms and expanding the investment opportunities available to public development funds and the private sector to enable the realization of Vision 2030 targets.
