Saudi Arabia's Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, on Thursday said that Saudi Aramco will sell more shares as part of plans to bolster the country's main sovereign wealth fund.
Aramco, the world's biggest oil company, completed the world's largest initial public offering in late 2019, raising $25.6 billion and later selling more shares to raise the total to $29.4 billion.
The proceeds of that offer were transferred to the Public Investment Fund (PIF), Prince Mohammed's vehicle of choice to transform the Saudi economy and diversify away from oil revenues.
"There will be Aramco share offerings coming in the coming years, and this cash will be transferred to the Public Investment Fund," said Prince Mohammed, speaking at the kingdom's Future Investment Initiative conference. He said the PIF would invest the proceeds locally and overseas.