Saudi Arabia has transferred $80bn-worth of equity in Saudi Aramco to its PIF sovereign wealth fund in a move which further strengthens the fund’s balance sheet and creates a steady flow of revenues to the sovereign wealth fund. Crown Prince Muhammad bin Salman announced on 16 April that a 4% stake in the kingdom’s $2 trillion energy giant Saudi Aramco is being transferred to the PIF’s wholly owned Sanabil subsidiary.
This is the second such move in little more than a year. In February 2022, Crown Prince Muhammad announced the transfer of a 4% stake in Aramco to PIF (MEES, 18 February 2022). With another 1.73% listed on the Tadawul bourse, the government’s direct shareholding following the transaction has now fallen to 90.186%. (CONTINUED - 792 WORDS)