Saudi Arabia’s crown prince has announced the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund.
FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Saudi Arabia's crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom's sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil.
DUBAI, United Arab Emirates — Saudi Arabia’s crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. “The transfer will also solidify PIF’s strong financial position and credit rating,” the statement about the deal said. It gave no possible investment targets for either Sanabil or the PIF.
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