The Public Investment Fund (PIF) is a key component of Saudi Arabia’s efforts to expand and diversify the economy, and this week its position was bolstered by the award of a 4% stake in energy giant Saudi Aramco that is worth $80bn at current values. The move was announced by Crown Prince Muhammad bin Salman on 13 February.
The following day, Saudi Aramco announced that “this is a private transfer between the State and PIF, 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 added that “the transfer does not have an impact on the Company’s operations, strategy, dividends distribution policy or governance framework.” (CONTINUED - 900 WORDS)
