Saudi Crown Prince Transfers 4% Of Aramco To Sovereign Wealth Fund ...Middle East

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Saudi Crown Prince Transfers 4% Of Aramco To Sovereign Wealth Fund
source : OILPRICE ( Middle East ) () 377
Saudi Arabia’s Crown Prince Mohammed bin Salman has transferred a 4% stake in Aramco to an investment company owned by the kingdom’s sovereign wealth fund. According to a statement issued by the crown prince, the transfer will strengthen the sovereign wealth fund’s financial position and its credit rating, Reuter’s report noted that the fund is Saudi Arabia’s main tool of diversifying its economy away from oil. "This is a private transfer between the state and Sanabil, and the company is not a party to the transfer…

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