Saudi transfers oil giant Aramco shares to sovereign fund

Saudi Arabia has moved four per cent of Aramco shares worth 80 billion dollars in the world's biggest oil exporter to the kingdom's sovereign wealth fund, authorities said Sunday.

Crown Prince Mohammed bin Salman, Saudi Arabia's effective ruler, announced the move as part of efforts to recalibrate the oil-dominated economy.

The transfer is also the latest sign that Saudi Arabia wants to open up the oil giant and  "crown jewel" of the Saudi economy.

The  "transfer of four per cent of Aramco shares to the Public Investment Fund (PIF) ... is part of the kingdom's long-term strategy to support the restructuring of its economy," the crown prince was quoted as saying by the state SPA news agency.

Crown Prince Mohammed said he wants the investment fund to have one trillion dollars in assets by the end of 2025. The fund is the centrepiece of official moves to end economic reliance on oil.