ALBAWABA - Saudi Arabia's Crown Prince Mohammed bin Salman announced the transfer of 4 percent of the shares of his country's largest oil company to a public fund to shore up economic activity in the oil-rich kingdom, according to the state Saudi Press Agency (SPA).
The shares of the Saudi Arabian Oil Company, also known as Aramco, were shifted from state ownership to Saudi Arabia Public Investment Fund's subsidiary, "Sannabil for Investment," the agency said.
The move is part of the kingdom's long-term plan to strengthen the national economy, the agency pointed out.
It said Bin Salman said that the transfer of ownership of a portion of the state's shares in Aramco will contribute to maximizing the assets of the Public Investment Fund and increasing its investment returns.
He also noted that the state remains the largest shareholder in Aramco, holding 90.18 percent of the company's total shares after the transfer.
The Crown Prince noted that the Public Investment Fund will continue to launch new sectors, build strategic economic partnerships, and create more direct and indirect jobs in the local labor market.
Aramco recorded its highest-ever net profit in 2022, supported by rising oil prices and increased sales volumes.
In a statement released last March, the company reported a total profit of $161.1 billion generated in 2022, which is the highest annual profit for a listed company in the financial market, representing a 46.5-percent increase year-on-year.
Aramco's profits were set at $110 billion in 2021.
