Prince Mohammed bin Salman, the Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Board of Directors of the Public Investment Fund, announced the transfer of 4% of Saudi Arabian Oil Company’s (Saudi Aramco) shares from state ownership to the Saudi Arabian Investment Company (Sanabel Investment), which is wholly owned by the Public Investment Fund.
This initiative is part of the Kingdom’s long-term strategy to strengthen the national economy, diversify its resources, and provide more investment opportunities. It supports the goals of the Kingdom’s Vision 2030 and maximizes the Public Investment Fund’s assets to increase its investment returns and improve its financial position and credit rating. Saudi Arabia will remain the largest shareholder in Saudi Aramco following the transfer process, with 90.18% of the company’s total shares.
Prince Mohammed bin Salman highlighted that the Public Investment Fund is continuing to launch new sectors, establish strategic economic partnerships, localize technologies and knowledge, and create more direct and indirect jobs in the local labor market.
Prince Mohammed bin Salman: The Kingdom will remain the largest shareholder in Aramco
Prince Muhammad bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of the Public Investment Fund, announced the completion of the transfer of 4% of the total shares of the Saudi Arabian Oil Company (Saudi Aramco), from state ownership to Ownership of the Saudi Arabian Investment Company (Sanabel Investment), wholly owned by the Public Investment Fund.
The Crown Prince indicated that the transfer of ownership of part of the state’s shares in Saudi Aramco comes as a continuation of the Kingdom’s initiatives aimed at strengthening the national economy in the long term, diversifying its resources, and providing more investment opportunities, in a way that contributes to achieving the goals of the Kingdom’s Vision 2030, and that the transfer process contributes to Maximizing the assets of the Public Investment Fund and increasing its investment returns, which enhances the Fund’s strong financial position and credit rating.
The Crown Prince confirmed that the state remains the largest shareholder in Saudi Aramco following the transfer process, with 90.18% of the company’s total shares, according to the Saudi Press Agency, “SPA”.
Prince Mohammed bin Salman stated that the Public Investment Fund is continuing to launch new sectors, build strategic economic partnerships, localize technologies and knowledge, in addition to creating more direct and indirect jobs in the local labor market.
In conclusion, the transfer of 4% of the total shares of Saudi Aramco from state ownership to Sanabel Investment is a significant step towards achieving the goals of the Kingdom’s Vision 2030. Prince Mohammed bin Salman’s vision of diversifying resources and providing more investment opportunities will not only strengthen the national economy but also contribute to maximizing the assets of the Public Investment Fund. The State of Saudi Arabia remains the largest shareholder in Saudi Aramco even following the transfer of ownership. With the Public Investment Fund launching new sectors, building strategic economic partnerships, and creating job opportunities in the local labor market, we can only expect a brighter future for the Kingdom.