Saudi Arabia transfers more Aramco oil shares to wealth fund
Crown Prince Mohammed bin Salman says the latest transfer of Aramco shares to Sanabil Investments, a firm controlled by the Public Investment Fund will “solidify PIF’s strong financial position. – EPA pic, April 16, 2023.
SAUDI Arabia has put a second four-percent chunk of shares of the Aramco oil giant, worth tens of billions of dollars, under the control of the country’s sovereign wealth fund, state media said today. The move, part of a campaign to open up the oil-rich kingdom’s economy, follows a transfer last year of four percent of Aramco shares, estimated at the time to be worth US$80 billion .
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