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Saudi oil giant Aramco has transferred 4% of its shares to the kingdom’s sovereign wealth fund called the Public Investment Fund, the official SPA news agency announced on Sunday (February 13th). These actions, worth 80 billion dollars, will be used to diversify the economy of the rich Gulf monarchy, which is still very dependent on oil revenues.
All is well for Aramco, the world’s largest crude oil exporter. Thanks to the rise in oil prices, its profits are soaring. This allows it to finance the diversification of the Saudi economy. A diversification that bears the name “vision 2030”. It’s a whole program of reforms that aims to develop a new economic model less dependent on oil.
Transformation plan
For this, the Kingdom invests in various sectors inside and outside the country via the fund Public Investment Fund. This transformation plan, led by Crown Prince Mohammed bin Salman, is largely financed by the revenues generated by black gold exports.
Double the capital of the Public Investment Fund
Aramco, of which the State is the majority shareholder, will be the first contributor. The transfer of 4% of its shares is also part of a plan by the Public Investment Fund which aims to double its capital to around $1 trillion by the end of 2025.
►Also read : Oil: Saudi Aramco’s profit jumps 158% in the third quarter
