$80 billion in Aramco shares moved to Saudi sovereign fund

RIYADH: Saudi Arabia has moved four percent of Aramco shares worth $80 billion in the world’s biggest oil exporter to the kingdom’s sovereign wealth fund, authorities said on Sunday.

Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, announced the move as part of efforts to recalibrate the oil-dominated economy.

The transfer is also the latest sign that Saudi Arabia wants to open up the oil giant and “crown jewel” of the Saudi economy, the Arab world’s largest.

The “transfer of four percent of Aramco shares to the Public Investment Fund (PIF)… is part of the kingdom’s long-term strategy to support the restructuring of its economy,” the crown prince was quoted as saying by the official Saudi Press Agency.

Crown Prince Mohammed said…