Saudi prince gives 4% Aramco stake to public investment firm

KIFI

Published April 16, 2023 4:29 AM

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s crown prince has announced the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund. The move Sunday further boosts its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman’s decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi Arabian Investment Co., known as Sanabil Investments. Sanabil is under the sovereign wealth fund known as the Public Investment Fund.

Article Topic Follows: AP National Business

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