Saudi Gazette report

RIYADH — Crown Prince and Prime Minister of Saudi Arabia Prince Mohammed bin Salman has announced the transfer of 8% of Saudi Aramco's total issued shares to companies fully owned by the Public Investment Fund (PIF). This significant move reduces the state's ownership of the global oil giant to 82.186%.

The Crown Prince said: "This strategic transfer is part of ongoing efforts by the Kingdom to enhance and diversify its economy, aligning with the goals of Saudi Vision 2030. It aims to expand investment opportunities across various sectors, reinforcing PIF's robust financial standing and creditworthiness."

The Crown Prince emphasized that this initiative underscores PIF's commitment to launching new sectors, forming strategic global partnerships, localizing technology and knowledge, and generating substantial employment opportunities within the Kingdom.