Saudi Crown Prince announces transfer of 8% Aramco shares to PIF firms

Riyadh: The Kingdom of Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud on Thursday, March 7, announced the transfer of 8 percent of Aramco shares to companies fully owned by the Public Investment Fund (PIF).

Following the transfer, the total state’s ownership will be 82.186 percent of the Aramco’s shares, the Saudi Press Agency (SPA) reported.

Mohammed bin Salman indicated that the transfer 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,” he added.

He stated that PIF continues to fulfill its mandate of launching new sectors, establishing strategic partnerships, localizing technologies and knowledge, and creating job opportunities in the local market.

It is noteworthy that the PIF, managed by Saudi Crown Prince Prince Mohammed bin Salman, manages assets worth over 700 billion dollars, aiming to diversify the Saudi economy away from oil.

The fund plans to invest in promising sectors like electric cars, semiconductors, tourist resorts, and sports, following a 32 billion dollars investment in 2023.