Saudi Aramco’s 4% stakes transferred to PIF’s Sanabil Investments

RIYADH, 16th April, 2023 (WAM) – A 4 percent stake in energy giant Saudi Aramco has been transferred from state ownership to Sanabil Investments, the investment arm of the Kingdom’s sovereign wealth fund, said Crown Prince Mohammed bin Salman on Sunday.

The crown prince revealed that the state remains Aramco’s biggest shareholder, owning 90.18 percent stakes in the firm, Saudi Press Agency reported.

The move follows a similar transfer last year worth tens of billions of dollars, with the wealth fund now controlling a total of 8 percent of shares in Aramco.

Mohammed bin Salman indicated that this transfer of stakes is a part of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030.

Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says.

The crown prince further added that the transfer will help maximize the assets of the Public Investment Fund and could enhance the PIF’s strong financial position and credit rating.

He went on and said that the PIF will continue to launch new sectors, along with building strategic economic partnerships, localize technologies and knowledge, which will ultimately result in the creation of more direct and indirect jobs in the local labor market.