Crown Prince Mohammed bin Salman completes transfer of 8% of Aramco shares to PIF's Fully Owned Companies

Riyadh, March 07, 2024, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Board of Directors of the Public Investment Fund (PIF), has announced the completion of the transfer of 8% of Saudi Aramco's total issued shares from the State's ownership to PIF's Fully Owned Companies. After the transfer, the total State ownership will be 82.186% of the company's shares.

This move, as stated by His Royal Highness, is part of Saudi Arabia's long-term initiatives to enhance and diversify the national economy, expanding investment opportunities in alignment with the goals of Saudi Vision 2030. The transfer aims to strengthen PIF's financial position and credit rating.

The Crown Prince emphasized that PIF will continue to fulfill its mandate by launching new sectors, establishing strategic partnerships, localizing technologies and knowledge, and creating more direct and indirect job opportunities in the local market. This aligns with the broader vision for economic development and diversification in Saudi Arabia.