Saudi Crown Prince: Four pct of Aramco shares to PIF

JEDDAH, Feb 13 (KUNA) -- Saudi Arabia Crown Prince and Chairman of the Board of Directors of the Public Investment Fund, Mohammad bin Salman, has announced the transfer of four percent of the Saudi Arabian Oil Company's (Aramco) shares to the Public Investment Fund (PIF).
The transfer is part of the Kingdom's long-term strategy to support the restructuring of its economy, in line with Vision 2030, said Saudi Press Agency (SPA), adding that the transfer also supports the PIF's plans to grow its Assets under Management to around SAR 4 trillion (USD 1.66 trillion) by the end of 2025. The shares will bolster the Fund's strong financial position and high credit ratings in the medium term, as the PIF relies on the value of its assets and the returns on its Assets under Management for its funding strategy, it added. Moreover, the Saudi Crown Prince affirmed that the Kingdom remains committed to continuing the implementation of its financial and economic reforms and expanding the investment opportunities available to public development funds and the private sector to enable the realization of Vision 2030 targets, said SPA. (end) mdm.aa