RIYADH, March 7 (Xinhua) -- Saudi Arabia has transferred 8 percent of the state-owned oil giant Saudi Aramco's shares to companies fully owned by the Public Investment Fund (PIF), as announced by Crown Prince Mohammed bin Salman Al Saud on Thursday.
This transfer reduces the state's stake in Aramco to 82.19 percent, according to the Saudi Press Agency (SPA).
The Crown Prince underscored that this action is part of a series of long-term economic reforms aimed at enhancing the kingdom's economic resilience and opening up new avenues for investment.
The PIF, under this new directive, is set to spearhead the development of new industries, forge strategic global partnerships, and facilitate the transfer of technology and expertise to the kingdom, thereby generating a multitude of job opportunities within the local market, the SPA reported. ■
