HH Saudi 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) Prince Mohammed bin Salman bin Abdulaziz Al Saud announced Sunday 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.
HH the Saudi Crown Prince indicated that the transfer of part of the States shares in Saudi Aramco is a continuation of Saudi Arabias long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030, according to the Saudi Press Agency (SPA).
The transfer will also solidify PIF's strong financial position and credit rating, the Saudi Crown Prince said, pointing out that the state will remain Saudi Aramco's largest shareholder following the transfer, with total ownership of (90.18%) of the company's shares.
HH the Crown Prince concluded 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: Qatar News Agency