Saudi Arabia Transfers 8% of Aramco to the Public Investment Fund
This move brings the state’s share in the USD 2 trillion company up to 82.1%.
Saudi Crown Prince Mohammed bin Salman transferred 8% of Aramco, the country’s largest oil company, to Saudi Arabia’s Public Investment Fund (PIF). According to an Aramco media officer, this stake was worth roughly $164 billion, and brings the government’s share of Aramco to 82.19%, with 16% held by the PIF and its subsidiaries.
This deal was completed with the goals of solidifying the PIF’s strong financial position and credit rating, diversifying the Saudi economy, and expanding investment opportunities within the Kingdom. The PIF has invested in firms that include Uber and Disney, as well as in projects like NEOM, the USD 500 billion city currently under construction in northwest Saudi Arabia. In 2023, the PIF invested USD 31.5 billion, making it the world’s top spending sovereign wealth fund. As part of his 2030 vision, Crown Prince Mohammed bin Salman plans to grow the PIF to a value of USD 2 trillion in the next six years.
Aramco, currently valued at USD 2 trillion, is the world’s fourth most-valuable firm. Originally a completely state-owned asset, it is now open to outside investment.
- Previous Article Al-Azhar Tunnel Working Hours Will Be Extended During Ramadan
- Next Article Travel Across History on Egypt's Most Iconic Bridges
Related Articles
Trending This Week
SceneNow TV
Events Calendar
