Crown Prince Mohammed bin Salman has announced that a 4% stake in Saudi Aramco has been transferred from state ownership to Sanabil Investments, the investment arm of the Kingdom’s sovereign wealth fund.
Despite this transfer, the state remains the biggest shareholder of Aramco, owning 90.18% of stakes in the company, according to WAM.
The move is part of Saudi Arabia’s efforts to expand investment opportunities and diversify its economy as per Saudi Vision 2030. The transfer will help maximize the Public Investment Fund’s assets and potentially enhance its credit rating, according to the Crown Prince.
Sanabil Investments is an investment company that invests around $3B annually in private transactions. The PIF will continue to establish new sectors, establish strategic economic partnerships, and localise technology and knowledge, resulting in the creation of more jobs in the local labor market, the Crown Prince added.
