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AP National News

Saudi Arabia gives 4% of Aramco worth $80B to sovereign fund

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Published 9:18 pm

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — Saudi Arabia says it will transfer 4% of the stock in the state-run oil giant Aramco to a sovereign wealth fund. Sunday’s infusion, valued at nearly $80 billion, comes as the kingdom tries to overhaul its energy-dependent economy in part with the fund. Saudi Crown Prince Mohammed bin Salman, the assertive son of King Salman, made the decision to transfer the stock.  It will go to the Public Investment Fund, the kingdom’s sovereign wealth fund, which has been Prince Mohammed’s vehicle to invest in everything from Uber to British soccer team Newcastle United. The fund also is part of the prince’s Neom project along the Red Sea coast. 

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