Crown Prince Mohammed bin Salman, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, announced today (Sunday) that 4% of the shares of Saudi Aramco has been transferred to the Public Investment Fund (PIF). The Crown Prince stated that "this transfer of shares is part of the Kingdom's long-term strategy aimed at supporting the restructuring of the national economy, in line with Vision 2030, and it contributes to supporting the Fund's plans to increase its managed assets to approximately 4 trillion Saudi Riyals by the end of 2025."
The transferred shares of Saudi Aramco will enhance the Fund's strong financial position and high credit rating in the medium term, as the Fund's financial plan relies on the value of assets and investment returns from managed assets. The Crown Prince also mentioned that "the Fund continues to achieve its strategy by maximizing its assets, launching new sectors, building strategic economic partnerships, and localizing technology and knowledge. By the end of 2025, the Fund aims to inject up to 1 trillion Saudi Riyals into new projects locally, increasing its contribution and that of its subsidiaries to local content to reach 60%, in addition to creating more direct and indirect jobs in the local labor market." He pointed out that the state remains the largest shareholder in Saudi Aramco after the transfer, owning more than 94% of the company's total shares.
The Crown Prince affirmed that "the Kingdom is proceeding with the implementation of its initiatives to complete the journey of economic and financial reforms it has undertaken, implement plans for economic transformation, and provide more investment opportunities for development funds and the private sector, contributing to achieving the objectives of Vision 2030."
