Saudi Arabia transfers 8 pct of Aramco to PIF portfolio

Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Thursday the completion of the transfer of 8 percent of Saudi Aramco’s total issued shares from the state’s ownership to the Public Investment Funds’ Fully Owned Companies, the Saudi Press Agency (SPA) reported.

Following the transfer, the total of the state’s ownership will be 82.186 percent of the company’s shares, SPA said in its report.

Thursday’s transfer will boost the fund’s assets to about $900 billion, taking it closer to a goal of $1 trillion by next year. The government last moved a stake in Aramco to the PIF in April 2023, when the fund got a 4 percent shareholding. In all, the fund holds about 16 percent of the firm.

MBS 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,” SPA reported.

The Crown Prince, accordig to the SPA statement, said that 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.

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