Saudi Arabia’s government has transferred a near $80bn stake in national oil group Saudi Aramco to its sovereign wealth fund as the kingdom looks to give more firepower to the vehicle tasked with overhauling its economy.
The transfer of the 4 per cent stake to Sanabil, an investment arm of the sovereign Public Investment Fund, comes more than a year after the state first transferred a similar sized chunk of Aramco to the PIF, which now in effect controls 8 per cent of the world’s largest oil producer.
Crown Prince Mohammed bin Salman, the country’s prime minister, said the transfer would “solidify PIF’s strong financial position and credit rating”.
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