Saudi Crown Prince Mohammed bin Salman transfers an 8% stake in Saudi Aramco to the Public Investment Fund for $160 billion, as part of Saudi Vision 2030.
Saudi Crown Prince Mohammed bin Salman has transferred an 8% stake in oil giant Saudi Aramco to the country's sovereign wealth fund, known as the Public Investment Fund (PIF), in a deal worth around $160 billion. The move is part of the country's plans to reduce its reliance on oil revenue and diversify its economy, as outlined in the Saudi Vision 2030 initiative. The Public Investment Fund has played a key role in the crown prince's plans for the nation's future. The kingdom's ownership in Aramco will now stand at 82.186%, with the remainder being traded on the Tadawul stock exchange.
March 07, 2024
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