Prince Muhammad bin Salman, the Saudi Crown Prince and Prime Minister, announced the completion of the transfer of 4% of the total shares of the Saudi Arabian Oil Company, Aramco, from state ownership to the Saudi Arabian Investment Company, Sanabel Investment, wholly owned by the Public Investment Fund.
Prince Muhammad bin Salman, who also heads the Council of Economic and Development Affairs and the Board of Directors of the Public Investment Fund, indicated that the transfer of ownership of part of the state’s shares in 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 opportunities. investment, in a way that contributes to achieving the goals of the Kingdom's Vision 2030, according to a statement published by the Saudi Press Agency today, Sunday.
The Crown Prince confirmed 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.
Prince Mohammed bin Salman also confirmed that the state remains the largest shareholder in Saudi Aramco after the transfer process, with a percentage of (90.18%) of the company's total shares.
He noted 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.
Aramco clarified in a separate statement, on the Saudi Tadawul website, that the transfer of shares is a private process between the state and Sanabel Investment, and the company is not a party to it and has not entered into any agreements regarding it, and the company does not have any payments or returns resulting from the transfer process.
Aramco's statement added: There will also be no impact on the company's business, strategy, dividend policy, or governance framework.
