Riad Saudi Arabia has transferred a billion-dollar stake in its stake in oil giant Aramco to a public investment fund. 4 percent of the shares worth a good 80 billion dollars (approx. 70.5 billion euros) are to flow into the PIF investment fund in order to support the transformation of the Gulf state, which is dependent on oil exports, as the state news agency SPA reported on Sunday.
Crown Prince Mohammed bin Salman made the decision. After the transfer, the state remains Aramco’s largest shareholder with more than 94 percent.
The public investment fund PIF supports the so-called Vision 2030 of Saudi Arabia. With this reform program, the country wants to restructure its economy and make itself less dependent on oil, which accounts for a large part of state revenues.
One such tool is the sovereign wealth fund PIF, which has bought large stakes in Facebook, Disney, aircraft manufacturer Boeing, Bank of America and financial group Citigroup. At the same time, Riyadh wants to expand the mining, logistics and energy sectors, the latter for example by investing billions in natural gas – and thus creating jobs for the young population.
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