These actions represent 80 billion dollars (70 billion euros) and the operation aims to "support the restructuring of the Saudi national economy", in accordance with Vision 2030, added SPA.

This reform program led by Crown Prince Mohammed bin Salman, the country's de facto leader, aims to diversify the country's economy, which is highly dependent on the oil industry, with the PIF investing in various sectors at national and global level.

However, the state remains the majority shareholder of Aramco at 94%, and the PIF is also a public body headed by the crown prince himself, said SPA.

"The kingdom continues its initiatives to continue the process of economic and financial reforms it has undertaken and to implement economic transformation plans," Prince Mohammed was quoted as saying by SPA.

The world's leading crude oil exporter, Aramco, a formerly totally state-owned company, was floated on the Riyadh Stock Exchange in December 2019. The operation brought in 29.4 billion dollars (around 26 billion euros) to the kingdom. .

The transfer of 4% of its shares is also part of a PIF plan to grow its assets under management to around $1 trillion by the end of 2025, SPA added.

Oil rebound

The economic diversification plan is largely financed by revenues generated by crude oil exports.

At the Ryad Stock Exchange, December 12, 2019 FAYEZ NURELDINE AFP / Archives

Sunday's operation comes as oil prices soar in global markets amid fears of a Russian invasion of Ukraine.

Aramco was listed on the Saudi Stock Exchange following the world's largest initial public offering, raising $29.4 billion for 1.7% of its shares.

The black gold juggernaut had announced a net profit up 158% in the third quarter of 2021, thanks in particular to the rebound in oil prices and demand, reaching 30.4 billion dollars against 11.8 billion dollars in third quarter of 2020.

The cash cow of the kingdom, Aramco announced that it had paid $18.8 billion in dividends to its shareholders in the second quarter, nearly two years after its IPO in Riyadh.

Saudi Aramco had raised six billion dollars in June 2021 through the issuance of Islamic bonds denominated in dollars, in order to ensure the payment of these large dividends promised to its shareholders during the IPO.

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