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. The move is aimed at boosting the country's economy beyond oil. The transfer will solidify the Public Investment Fund's strong financial position and credit rating. Aramco has a market value of $1.94tn, making it the world's third most valuable firm.