Saudi Arabian Crown Prince Mohammed bin Salman Al Saud announced in a statement on Sunday the transfer of 4 percent of the Saudi Arabian Oil Company's (Aramco) shares to the Public Investment Fund (PIF).
The transfer is part of the kingdom's long-term strategy to support the restructuring of its economy, in line with its Vision 2030, the statement said.
The transfer would support the PIF's plan to grow its assets under management to around 4 trillion Saudi Riyals (about 1.07 trillion U.S. dollars) by the end of 2025, it said.
The shares are expected to strengthen the PIF's strong financial position and high credit ratings in the medium run.
After the transfer, the Saudi government will remain Aramco's largest shareholder, retaining more than 94 percent of the company's shares.
The PIF plans to invest up to 1 trillion Saudi Riyals (about 266 million U.S. dollars) in domestic projects by 2025, the statement said.
Editor: Kelly
