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Aramco’s 4% state ownership transferred to Sanabel by Prince Mohammed bin Salman

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Saudi Crown Prince Mohammed bin Salman announced the completion of the transfer of 4% of state ownership in Aramco to Sanabel Investment, a wholly owned State Investment Fund.

In detail, Prince Mohammad bin Salman confirmed the completion of the transfer of 4% of the total shares of the Saudi Arabian Oil Company (Saudi Aramco) from state ownership to the ownership of the Saudi Arabian Investment Company (Sanabel Investment), wholly owned by the State Investment Fund, indicating that the transfer of ownership of part government stake in Saudi Aramco is a continuation of the Kingdom’s initiatives to strengthen the national economy in the long term, diversify its resources and provide additional investment opportunities in a way that contributes to the goals of the Kingdom’s Vision 2030, and that the transfer process contributes to maximizing the assets of the State Investment Fund and increase its return on investment, which strengthens the solid financial position and credit rating of the Fund.

The Crown Prince indicated that the state remains the largest shareholder of Saudi Aramco after the transfer process, holding 90.18% of all shares in the company.

Prince Mohammed bin Salman concluded his statement that the State Investment Fund continues to launch new sectors, build strategic economic partnerships, localize technology and knowledge, and create more direct and indirect jobs in the local labor market.

Source: “SPA”

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