Saudi Arabia has moved a roughly $160 billion stake in its state oil giant Aramco into its main sovereign wealth fund, the Public Investment Fund, according to a report in the Wall Street Journal.
The transfer from the central government, announced Thursday, represents an 8% stake in Saudi Arabian Oil Co., or Aramco.
According to the Wall Street Journal, after two earlier transfers, in 2022 and 2023, the Public Investment Fund now owns 16% of Aramco.
The oil company has a market capitalization of about $2 trillion, making it the fourth-largest listed company in the world.
The report said that the PIF’s cash holdings is in focus for Saudi authorities, which was down about 70% from the end of 2022 to $15 billion before this transfer.