Crown Prince says 4% of Aramco transferred to Sanabil Investments

Crown Prince Mohammed bin Salman bin Abdulaziz

Crown Prince Mohammed bin Salman, Prime Minister and Chairman of the Council of Economic and Development Affairs (CEDA), announced today, April 16, the completion of the transfer of 4% of the state-owned shares in Saudi Aramco to Saudi Arabian Investment Co. (Sanabil Investments) – wholly owned by the Public Investment Fund (PIF).

The partial transfer of state’s ownership in Saudi Aramco builds on Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Vision 2030, Saudi Press Agency reported, citing the Crown Prince.

The transfer will also solidify PIF’s strong financial position and credit rating, he added.

The state will remain Saudi Aramco's largest shareholder, with total ownership of 90.18 of the company’s shares, he affirmed.

The PIF continues with its mandate to launch new sectors, build new strategic partnerships, localize technologies and knowledge, and create more direct and indirect jobs in the local market, he said.

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