Prince Mohammed bin Salman bin Abdulaziz Al Saud, 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 (PIF), announced the completion of transferring 8% of Saudi Aramco’s total issued shares from the State to PIF’s Fully Owned Companies.
After the transfer, the State’s ownership will be 82.186% of the company’s shares.
Aramco’s share transfer to PIF signifies Saudi Arabia’s long-term commitment to diversify the national economy and expand investment opportunities, aligned with Saudi Vision 2030.
This move is expected to strengthen PIF’s financial position and credit rating, according to Arabian Business.
The Crown Prince affirmed that PIF will continue its mandate to launch new sectors, build strategic partnerships, localize technologies and knowledge, and create more job opportunities in the local market, both directly and indirectly.”