Saudi Arabia Transfers $164 Billion Aramco Stake to Wealth Fund

Saudi Arabia’s government transferred a further 8% of energy giant Aramco — worth almost $164 billion — to its sovereign wealth fund.

The deal will cut the government’s direct ownership in the world’s largest oil company to 82%, the Saudi Press Agency said. It’s the latest move of shares to the Public Investment Fund, which Crown Prince Mohammed bin Salman is trying to grow to $1 trillion by next year.

The move will have no impact on Aramco’s dividend policy. The cashflow from the extra shares will help the PIF as it ramps up spending on huge projects related to ...