Economy

Saudi prince donates $80 billion worth of Saudi Aramco shares to country’s sovereign wealth fund

Saudi Crown Prince Mohammed bin Salman has transferred a 4% stake in oil company Saudi Aramco to the country's sovereign wealth fund. The transfer of a share worth about $80 billion will strengthen the financial position and credit rating of the state investment fund, whose assets are planned to increase to 4 trillion riyals (more than $1 trillion) by 2025, Mohammed ibn Salman himself said. The sovereign wealth fund currently controls about $480 billion in assets. The deal left Saudi Arabia as Aramco's largest shareholder, with a stake of over 94%. The transfer of shares was a private...

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