Riyadh: Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud on Thursday announced that the government had completed a limited transfer of Aramco shares to the Public Investment Fund (PIF).
According to the announcement reported by SPA, the government moved 8 per cent of its shares in Aramco to PIF, leaving its current stake in the energy giant at just over 82 per cent.
Mohammed bin Salman added that the transfer is in line with 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, he added, would solidify PIF’s strong financial position and credit rating.
PIF has become one of the Kingdom’s main vehicles to grow the non-oil economy and reduce its reliance on the hydrocarbon sector. PIF’s oversight changed in 2015 when it started reporting to the Council of Economic and Development Affairs (CEDA), chaired by the Crown Prince, from the Ministry of Finance (MOF).
The transfer of shares, which began a couple of years ago, is set to boost PIF’s assets under management, which are targeted to grow to about 4 trillion riyals ($1.07 trillion) by the end of 2025.
