Saudi Aramco transfers 4% shares to PIF

Saudi Arabia Press Agency has reported on Sunday the completion of a four percent transfer of state-owned shares in Saudi Aramco to a Public Investment Fund-owned company (PIF).

The state remains Aramco’s biggest shareholder, owning 90.18 percent stakes in the firm, according to Crown Prince Mohammed bin Salman, adding that this step will help strengthen and solidify PIF’s strong financial position and credit rating.

Crown Prince continued that this transfer is “a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030.”

The move follows a similar transfer last year worth tens of billions of dollars, with the wealth fund now controlling a total of eight percent of shares in Aramco — which is mostly state-owned — as part of a campaign to open up the economy.