Saudi Arabia’s transfer of about $80bn-worth of shares from its national oil group leaves its sovereign wealth fund with more financial muscle to meet the kingdom’s energy transition ambitions, analysts said.
The oil-rich nation has moved 4% of the shares of Saudi Aramco into its Public Investment Fund (PIF), the vehicle designed to diversify its economy away from fossil fuels and lead the charge into new areas of the energy sector under its Vision 2030 strategy.
