Saudi Arabia's Crown Prince, Mohammed bin Salman, announced the transfer of 4% of Saudi Aramco's shares to the Saudi Public Investment Fund.
Prince Mohammed bin Salman said that this transfer will contribute to supporting the Public Investment Fund's plans to raise the size of its assets under management to about 4 trillion riyals by the end of 2025, according to CNN. Arabic C.
He added that the fund aims by the end of 2025 to inject up to one trillion riyals into new projects locally, and to increase its contribution and subsidiaries in the local content to reach 60%, in addition to creating more. of direct and indirect jobs in the local labor market.
The Saudi crown prince also indicated that the kingdom remains the largest shareholder in Aramco after the transfer, as it owns more than 94% of the company's total shares.
