Saudi Arabia Transfers 8% of "Aramco" to Sovereign Wealth Fund Portfolio

The Saudi Press Agency reported today, Thursday, that "the Kingdom has transferred eight percent of the total shares of the giant oil company Aramco to a portfolio owned by the Public Investment Fund, the country's sovereign wealth fund." The agency stated that "Crown Prince Mohammed bin Salman announced the completion of the transfer of eight percent of the total issued shares of Saudi Arabian Oil Company (Aramco) from state ownership to fully owned corporate portfolios of the Public Investment Fund." It added, "Thus, the percentage of shares owned by the state after the transfer becomes 82.186 percent of the total shares of the company."