Saudi Arabia transfers Aramco shares worth US$80bil to state fund

The shares will bolster the Public Investment Fund's (PIF) strong financial position and high credit ratings in the medium term, the crown prince said in a statement. The fund is the prince's vehicle of choice to transform the Saudi economy and diversify away from oil revenues.

DUBAI: Saudi Arabia's Crown Prince Mohammed bin Salman has transferred 4% of Saudi Aramco shares worth $80 billion to the kingdom’s sovereign wealth fund, the government said on Sunday.

The shares will bolster the Public Investment Fund's (PIF) strong financial position and high credit ratings in the medium term, the crown prince said in a statement. The fund is the prince's vehicle of choice to transform the Saudi economy and diversify away from oil revenues.