SAUDI CROWN PRINCE TRANSFERS ANOTHER 8 PERCENT OF ARAMCO SHARES TO PIF

The move will bolster the fund’s strong financial position and high credit ratings

Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince of Saudi Arabia, 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 successful transfer of 8 percent of Saudi Aramco’s total issued shares from the ownership of the state to PIF. As a result, the state’s ownership of the company’s shares now stands at 82.186 percent.

The Crown Prince emphasized that this transfer of shares aligns with Saudi Arabia’s long-term initiatives to strengthen and diversify the national economy, as well as expand investment opportunities in accordance with Saudi Vision 2030. The transfer will also bolster PIF’s robust financial position and credit rating, he added.

The Crown Prince also highlighted PIF’s ongoing commitment to launching new sectors, forging strategic partnerships, promoting the localization of technologies and knowledge, and creating additional job opportunities, both directly and indirectly, within the local market.

In February 2022, the Saudi Crown Prince announced the transfer of 4 percent of Aramco’s shares to PIF.

The transfer also supports the PIF’s plans to grow its assets under management to around SAR 4 trillion ($1.06 trillion) by the end of 2025. The transfer of shares aimed to bolster the fund’s strong financial position and high credit ratings in the medium term, as the PIF relies on the value of its assets and the returns on its assets under management for its funding strategy.