Saudi Crown Prince Mohamed bin Salman announced that the state-owned Aramco Company will sell more shares as apart of its plan to reinforce the Kingdom’s Sovereign Wealth Fund. This came during his speech at the Future Investment Initiative conference, Reuters reported.
The company completed its initial public offer (IPO) in late 2019 which reached $29.4 billion lately. This came as a part of the state’s intention to diversify its revenues away from oil sector.
Saudi allocated $400 billion for Public Investment Fund (PIF) to increase its assets to $1 trillion by 2025. It aims to invest $799.83 billion in new sectors over the next 10 years.