RIYADH: Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman Al Saud has announced the transfer of 8 percent of Saudi Aramco’s total issued shares to entities fully owned by the Public Investment Fund (PIF).
“This strategic transfer is part of the ongoing efforts by the Kingdom to bolster and diversify its economy, aligning with the objectives outlined in Saudi Vision 2030. It aims to broaden investment prospects across various sectors, thereby strengthening PIF’s financial standing and creditworthiness, ” Saudi Gazette quoted the Crown Prince as saying.
Emphasizing the significance of the initiative, the Crown Prince underscored PIF’s dedication to launching new sectors, fostering strategic global alliances, promoting technology and knowledge localization, and creating substantial employment opportunities within the Kingdom.
