The Saudi Arabian wealth fund has recently fortified its investment portfolio with a significant acquisition of shares from one of the world’s leading oil companies. With the completion of an 8% share transfer from state ownership to the Public Investment Fund’s (PIF) fully owned subsidiaries, the nation’s direct stake in Saudi Aramco now stands at 82.186%.
This strategic move is part of a broader effort to enrich and diversify the nation’s economy, aligning with the objectives outlined in the ambitious Saudi Vision 2030. This initiative aims to expand investment prospects and reduce the kingdom’s reliance on oil by fostering new industries and opportunities.
The Crown Prince of Saudi Arabia has affirmed that this transaction not only reinforces PIF’s robust financial status and creditworthiness but also supports the fund’s ongoing mission. This encompasses spearheading new industry sectors, establishing strategic global partnerships, localizing technology and expertise, and generating a multitude of job opportunities within the domestic market.