Saudi Arabia Boosts its SWF By Transferring $163.6 Billion Stake of Saudi Aramco
Posted on 03/08/2024
The Kingdom of Saudi Arabia moved an 8% stake in Saudi Aramco, formally known as the Saudi Arabian Oil Company, to the sovereign wealth fund – Public Investment Fund (PIF). The stake is estimated at around US$ 163.6 billion, according to recent market capitalization figures.
The PIF has owned a 4% stake in Saudi Aramco since 2022. The wealth fund holds an additional 4% stake in Saudi Aramco via Sanabil, which was transferred in 2023. The transfer “is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030,” state news agency SPA. The public news agency cited Saudi Crown Prince Mohammed bin Salman, who is known as MBS. MBS is the Chairman of PIF. The statement said the kingdom’s ownership in Aramco would now be 82.186% of Saudi Aramco.
