He sovereign wealth fund of saudi arabia (PIF) doubled its stake in oil giant Aramco to 8%, the official SPA news agency said on Sunday.
The crown prince and de facto ruler, Mohamed bin Salmanannounced the “transfer of 4% of the state shares of Saudi Aramco to the Saudi Arabian Investment Company (Sanabil Investments), SPA said in a statement.
Sanabil Investments is a company 100% owned by the Saudi sovereign fund, called the Public Investment Fund (PIF).
This new operation “is in line with long-term initiatives to stimulate and diversify the Saudi economy,” and strengthens “the financial position and credit rating of the PIF” led by the crown prince, the agency said.
After this transfer, the Saudi state continues to be the largest shareholder of the oil company, with a 90.18% stake.
The crown prince is carrying out a vast reform program to reduce the country’s dependence on oil, of which it is the world’s leading exporter.
