JEDDAH — Saudi Arabia has transferred 4 percent of Saudi Aramco’s total issued shares from the State’s ownership to the Saudi Arabian Investment Company (Sanabil Investments), Crown Prince and Prime Minister Mohammed Bin Salman announced on Sunday.

The Saudi Arabian Investment Company (Sanabil Investments) is a wholly owned company of PIF.

The Crown Prince said that the State will remain Saudi Aramco’s largest shareholder following the transfer, with total ownership of 90.18 percent of the company’s shares.

“The transfer of part of the State’s shares in Saudi Aramco is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030.

“The transfer will also solidify PIF’s strong financial position and credit rating.”

Prince Mohammed added that PIF continues with its mandate to launch new sectors, build new strategic partnerships, localize technologies and knowledge, and create more direct and indirect job opportunities in the local market. — SG