Saudi Arabia gives 4% of Aramco worth $80B to fund

Saudi Arabia says it will transfer 4% of the stock in the state-run oil giant Aramco to a sovereign wealth fund

Saudi Arabia said Sunday it will transfer 4% of the stock in the state-run oil giant Aramco to a sovereign wealth fund, an infusion valued at nearly $80 billion as the kingdom tries to overhaul its energy-dependent economy.

The announcement on the state-run Saudi Press Agency comes as the oil firm is valued at just under $2 trillion and as oil trades above $90 a barrel — its highest level since 2014.

Saudi Crown Prince Mohammed bin Salman, the assertive son of King Salman, made the decision to transfer the stock, the state media report said. It will go to the Public Investment Fund, the kingdom’s sovereign wealth fund, which has been Prince Mohammed's vehicle to invest in everything from Uber to British soccer team Newcastle United. The fund also is part of the prince's Neom project along the Red Sea coast.