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Crown Prince Mohammed bin Salman of Saudi Arabia has transferred 4% of the shares of the oil company Saudi Aramco in the sovereign fund of the country, writes Reuters with reference to the statement of the Saudi government.
The transfer of shares worth about $ 80 billion will strengthen the financial position and credit rating of the state investment fund, whose assets are planned to be increased to 4 trillion riyals (more than $ 1 trillion) by 2025, Mohammed bin Salman said. The sovereign wealth fund now controls about $480 billion in assets, writes The Wall Street Journal.
As a result of the deal, Saudi Arabia remained Aramco's largest shareholder with a stake of more than 94%. The transfer of shares was a private transaction between the government and the state fund, from which the company itself did not receive any benefit, the report reads.
Saudi Arabia's sovereign wealth fund was created as part of the country's economic diversification program to provide financial assistance to companies and industries not related to oil exports. In particular, the fund invested in the Neom project.
source: reuters.com
The transfer of shares worth about $ 80 billion will strengthen the financial position and credit rating of the state investment fund, whose assets are planned to be increased to 4 trillion riyals (more than $ 1 trillion) by 2025, Mohammed bin Salman said. The sovereign wealth fund now controls about $480 billion in assets, writes The Wall Street Journal.
As a result of the deal, Saudi Arabia remained Aramco's largest shareholder with a stake of more than 94%. The transfer of shares was a private transaction between the government and the state fund, from which the company itself did not receive any benefit, the report reads.
Saudi Arabia's sovereign wealth fund was created as part of the country's economic diversification program to provide financial assistance to companies and industries not related to oil exports. In particular, the fund invested in the Neom project.
source: reuters.com
