RIYADH - His Royal Highness, Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic Affairs and Development, Chairman of the Board of Directors of the Public Investment Fund - may God protect him - announced that (4%) of the shares of the Saudi Arabian Oil Company (Saudi Aramco) have been transferred to the Public Investment Fund.

His Highness added that the transfer of these shares is part of the Kingdom's long-term strategy aimed at supporting the restructuring of the national economy, in line with the Kingdom's Vision 2030, and also contributes to supporting the fund's plans to raise the volume of its assets under management to about 4 trillion Saudi riyals by the end of 2025.

The shares of the Saudi Arabian Oil Company (Saudi Aramco) transferred to the Public Investment Fund will contribute to enhancing the fund's strong financial position and high credit rating in the medium term, as the fund relies in its financing plan on the value of assets and investment returns from assets under management.

He added that the Fund continues to achieve its strategy by maximizing its assets, launching new sectors, building strategic economic partnerships, and localizing technologies and knowledge. In addition to creating more direct and indirect jobs in the local labor market.

His Highness also indicated that the state is still the largest shareholder in the Saudi Arabian Oil Company (Saudi Aramco) after the transfer process, as it owns more than (94%) of the company's total shares.

His Highness the Crown Prince concluded his statement that the Kingdom is continuing to implement its initiatives to complement the process of economic and financial reforms that it has undertaken, implement economic transformation plans, and provide more investment opportunities for development funds and the private sector, thus contributing to achieving the goals of the Kingdom’s Vision 2030.