Middle East

Saudi says 8% Aramco stake transferred to PIF wealth fund portfolio

Saudi Arabia on Thursday said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom’s PIF sovereign wealth fund, according to state media.

Aramco is the jewel of the Saudi economy and the main source of revenue for de facto ruler Crown Prince Mohammed bin Salman’s ambitious economic and social reform programme known as Vision 2030.

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