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Saudi Arabia transfers Aramco shares worth $80 billion to wealth fund
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Saudi Arabia transferred shares worth about $80 billion in oil giant Aramco to its wealth fund as part of efforts to diversify the kingdom's hydrocarbon-dependent economy.
The transfer of a 4% stake in state-owned Saudi Arabian Oil Co., known as Aramco, will support the Public Investment Fund's plan to grow its assets under management to over $1 trillion by 2025, from about $480 billion currently, the Saudi government said Sunday.
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The Saudi government, which will remain the largest shareholder in Aramco with a stake of more than 94%, has sought to monetize the country's massive oil assets and use the proceeds to invest in industries outside of oil as part of Crown Prince Mohammed bin Salman's plan to restructure the economy by 2030.