Saudi Prince Donates 4% Aramco Stake to Public Investment Firm

Saudi Arabia's Crown Prince Mohammed bin Salman has transferred a 4% stake of oil giant Saudi Aramco to a subsidiary of the kingdom's sovereign wealth fund, known as Sanabil Investments, in an effort to boost the country's economy beyond oil. The transfer will solidify the Public Investment Fund's strong financial position and credit rating. Aramco acknowledged the shares going to Sanabil, but said it was a private transfer between the state and Sanabil, and the company did not enter into any agreements or pay or receive any proceeds from the transfer.