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Business / Middle East Business

Saudi Arabia transfers more Aramco oil shares to wealth fund

Published: 16 Apr 2023 - 11:33 am | Last Updated: 16 Apr 2023 - 11:34 am
Peninsula

AFP

Riyadh: Saudi Arabia has put a second chunk of four percent of shares in the Aramco oil giant under the control of the country's sovereign wealth fund, state media said Sunday. The move follows a similar transfer last year worth tens of billions of dollars, with the wealth fund now controlling a total of eight percent of shares in Aramco -- which is mostly state-owned -- as part of a campaign to open up the economy.