Prince Mohammad bin Salman bin Abdulaziz Al Saud, the Crown Prince, Prime Minister, announced on Sunday transfer of four percent of Saudi Aramco’s total issued shares from the State’s ownership to the Saudi Arabian Investment Company (Sanabil Investments).

The Crown Prince is also Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of the Public Investment Fund (PIF). Sanabil Investments is a wholly owned company of the PIF Official Saudi Press Agency (SPA) quoted the Crown Prince as saying the transfer of part of the State?’s shares in Saudi Aramco 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 transfer will also solidify PIF?’s strong financial position and credit rating.

Moreover, Crown Prince Mohammad pointed out that the State will remain Saudi Aramco’s largest shareholder following the transfer, with total ownership of (90.18%) of the company?’s shares.

The Crown Prince concluded that PIF continues with its mandate to launch new sectors, build new strategic partnerships, localize technologies and knowledge, and create more direct and indirect job opportunities in the local market.

Source: Kuwait News Agency