HomeInvestmentsSaudi Prince Transfers Aramco Stake to Saudi Sovereign Wealth Fund

Saudi Prince Transfers Aramco Stake to Saudi Sovereign Wealth Fund

Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Sunday that a 4% stake in the nation’s oil giant Saudi Aramco has been given to the Saudi Arabian Investment Co.; the kingdom’s sovereign wealth fund. This move comes as the country seeks to diversify its economy beyond its oil industry.

“The transfer will also solidify PIF’s strong financial position and credit rating,” the Crown Prince statement read, suggesting that it will be used to assist the investment fund to reach its financial goals, which remained unstipulated. Following the transfer of stock, the Saudi government remains Aramco’s biggest shareholder, with over 90% ownership of the company.

“This is a private transfer between the state and Sanabil, and the company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer,” Aramco confirmed after the Crown Prince’s statement was delivered.

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