Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Board of Directors of the Public Investment Fund, Prince Muhammad bin Salman bin Abdulaziz Al Saud, announced the completion of the transfer of (4%) of the total shares of the Saudi Arabian Oil Company (Saudi Aramco), from state ownership to Ownership of the Saudi Arabian Investment Company (Sanabel Investment), wholly owned by the Public Investment Fund.
The Crown Prince indicated that the transfer of ownership of part of the state's shares in Saudi Aramco comes as a continuation of the Kingdom's initiatives aimed at strengthening the national economy in the long term, diversifying its resources, and providing more investment opportunities, in a way that contributes to achieving the goals of the Kingdom's Vision 2030, and that the transfer process contributes to Maximizing the assets of the Public Investment Fund and increasing its investment returns, which enhances the fund's strong financial position and credit rating, stressing that the state remains the largest shareholder in Saudi Aramco after the transfer process by (90.18%) of the company's total shares.
The Crown Prince concluded his statement that the Public Investment Fund is continuing to launch new sectors, build strategic economic partnerships, localize technologies and knowledge, in addition to creating more direct and indirect jobs in the local labor market.
Okaz (Jeddah) @Okaz_online