Saudi Arabia’s Crown Prince and Prime Minister His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Chairman of the Council of Economic and Development Affairs and the Board of Directors of the Public Investment Fund (PIF), announced the completion of the transfer of (4%) of Saudi Aramco’s total issued shares from the State’s ownership to the Saudi Arabian Investment Company (Sanabil Investments), a wholly owned company of PIF.

His Royal Highness affirmed 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.

HRH said that the State will remain Saudi Aramco’s largest shareholder following the transfer, with total ownership of (90.18%) of the company’s shares, Saudi Press Agency (SPA) reported.

The Crown Prince stressed 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.

Source: Bahrain News Agency