HRH Crown Prince Announces Transfer of 4% of Aramco Shares to PIF

HRH Crown Prince, Deputy Prime Minister and Chairman of the Board of Directors of the Public Investment Fund (PIF) has announced the transfer of as much as 4 percent of the Saudi Arabian Oil Company’s (Aramco) shares to the Public Investment Fund (PIF).
The transfer is part of the Kingdom’s long-term strategy to support the restructuring of its economy, in line with Vision 2030.

It also supports the PIF’s plans to grow its Assets under Management to around SR4 trillion by the end of 2025.
The shares will bolster the PIF’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, SPA reported.
HRH indicated that the PIF continues to achieve its strategy by maximizing the value of its assets, launching new sectors, forming strategic partnerships, and localizing knowledge and technologies.

By 2025, the (PIF) will deploy up to SR1 trillion in domestic projects, increasing its local content contributions and the contributions of its portfolio of companies to around 60 percent, creating direct and indirect jobs in the local labor market.
HRH pointed out that after the transfer, the State will remain Aramco’s largest shareholder, retaining more than 94 percent of the total shares.
The Crown Prince concluded that the Kingdom remains committed to continuing the implementation of its financial and economic reforms and expanding the investment opportunities available to public development funds and the private sector to enable the realization of Vision 2030 targets.