Saudi Arabia’s PIF Allocated Another 8% Stake In Aramco

8 Mar 2024 Issue: 67 / 10 By: Jamie Ingram

Saudi Arabia’s PIF now holds a sizeable 16% stake in energy giant Aramco following this week’s 8% transfer from the government. PIF can now look ahead to nearly $19bn in annual dividends from Aramco as it steps up investments to support Vision 2030.

Saudi Arabia’s Crown Prince Muhammad bin Salman Al Saud announced on 7 March that an 8% stake in Saudi Aramco has been transferred from the government to the PIF sovereign wealth fund. The transfer doubles the PIF’s holdings in Aramco to 16%, with the government’s stake falling to 82.186%, while the remaining 1.8% is listed on the Tadawul exchange.

In a statement to the Tadawul, Aramco emphasized that “this is a private transfer and the Company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer.” It adds that the move “does not have an impact on the Company’s operations, strategy, dividends distribution policy or governance framework.” Aramco reports its 2023 financial results on 11 March. (CONTINUED - 907 WORDS)