Crown Prince says 4% of Saudi Aramco shares transferred to PIF

Crown Prince Mohammed bin Salman

Crown Prince Mohammed bin Salman said 4% of Saudi Aramco’s shares were transferred to the Public Investment Fund (PIF), SPA reported.

The transfer is part of the Kingdom’s long-term strategy that aims to support the restructuring of national economy, in line with Vision 2030. It also contributes to supporting the fund’s plans, which aim to raise assets under management (AUMs) to nearly SAR 4 trillion by the end of 2025.

The transferred shares will help strengthen the sovereign wealth fund’s solid financial position and strong credit rating in the medium term, as the fund’s financing plan depends on the value of assets and investment returns from AUMs.

The PIF continues to realize its strategy through maximizing assets, launching new sectors, building strategic economic partnerships, and localizing technologies and knowledge, the Crown Prince added. By the end of 2025, the fund seeks to invest up to SAR 1 trillion in domestic projects. The PIF also aims to increase local content to 60% in the projects of the fund and its affiliates, continuing to create direct and indirect jobs in the local labor market.

The Crown Prince added the state remains the largest shareholder in Saudi Aramco after the transfer process, as it owns more than 94% of the company’s shares.

The Kingdom is pushing ahead with its initiatives to continue economic and financial reforms, implement its economic transformation plans and provide more investment opportunities for development funds and the private sector.