Saudi Prince Gives 4 Percent Aramco Stake to Public Investment Firm

Storage tanks at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on Sept. 15, 2019. Amr Nabil/AP Photo

DUBAI, United Arab Emirates—Saudi Arabia’s crown prince announced Sunday the transfer of a 4 percent stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil.

Crown Prince Mohammed bin Salman’s decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi Arabian Investment Co., known as Sanabil Investments. Sanabil is under the sovereign wealth fund known as the Public Investment Fund.