Saudi Arabia formally starts IPO of oil firm Saudi Aramco
5 years, 2 months ago

Saudi Arabia formally starts IPO of oil firm Saudi Aramco

Associated Press  

DHAHRAN, Saudi Arabia — Saudi Arabia formally began an initial public offering Sunday of a sliver of oil giant Saudi Aramco after years of delay, hoping international and local investors will pay billions of dollars for a stake in the kingdom’s crown jewels. Saudi Aramco also has proven liquid reserves of 226.8 billion barrels, the largest of any company in the world and “approximately five times larger” than those held by the five oil giants, according to the firm’s IPO documents. That’s led to a clamoring from investors for Saudi Aramco stock since Prince Mohammed announced plans in 2016 for a two-phase IPO of 5% of the firm in the kingdom and abroad. “There’s still no clarity in what they’re trying to look at.” Based on that, Saudi Arabia may choose to rely on local investors to push up the price of the stock, Raja said.

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History of this topic

Saudi Arabia is losing its iron grip on global oil markets
1 month, 1 week ago

Saudi Arabia is losing its iron grip on global oil markets

Live Mint  

Saudi Arabia’s sway over the Organization of the Petroleum Exporting Countries long meant unquestioned dominance of the global oil market. “They won’t be able to bring oil back online next year," said a Saudi official. “It’s really easy to be part of a cartel when a market is growing," said Jorge León, a Rystad Energy analyst who formerly worked for …

Saudi Aramco to take on more debt, focus on dividend growth: CFO Ziad Al-Murshed
1 month, 3 weeks ago

Saudi Aramco to take on more debt, focus on dividend growth: CFO Ziad Al-Murshed

Live Mint  

Saudi Arabian Oil Co. plans to take on more debt and will focus on “value and growth” for its dividend, the company’s finance chief said. “It’s nothing to do with the dividend, it is optimizing our capital structure so that we end up with a lower weighted average cost of capital.” Saudi Aramco tapped debt investors earlier this year when …

How Saudi Arabia’s $1.5 trillion Neom megacity has had another major setback
2 months ago

How Saudi Arabia’s $1.5 trillion Neom megacity has had another major setback

Firstpost  

Saudi Arabia’s Neom, a $1.5 trillion mega-city project aimed at transforming the Kingdom’s economy, has run into a new challenge. This is among the many roadblocks the project has experienced, including scaled-back timelines and complaints of harsh working conditions Neom, launched in 2017 by Saudi Crown Prince Mohammed bin Salman, is envisioned as an ultra-modern city that spans 26,500 square …

Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier
2 months, 1 week ago

Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

The Independent  

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Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices
5 months, 1 week ago

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi oil giant Aramco reported …

Saudi Aramco acquires 10% equity interest in Geely-Renault joint venture company
6 months, 2 weeks ago

Saudi Aramco acquires 10% equity interest in Geely-Renault joint venture company

China Daily  

Visitors gather at Saudi Aramco's booth during an expo in Abu Dhabi, the United Arab Emirates. RIYADH -- Saudi Arabian Oil Company, commonly known as Saudi Aramco, has signed definitive agreements to acquire a 10 percent equity interest in HORSE Powertrain Limited, a global powertrain solutions company formed by Renault Group and Chinese automaker Geely Auto Group, the Saudi Press …

Saudi Aramco’s $12 billion share sale: Dividends attract Indian, Chinese, and other foreign investors
7 months, 1 week ago

Saudi Aramco’s $12 billion share sale: Dividends attract Indian, Chinese, and other foreign investors

Hindustan Times  

Foreign investors have flocked to Saudi Aramco’s $12 billion share sale, mostly attracted by the dividends, sources who did not wish to be identified, told Bloomberg. This is a completely opposite situation from the oil giant’s 2019 IPO that ended up as a largely local affair, as investors weren’t happy with the valuation expectations, Bloomberg reported. Apart from Western institutions, …

Why Saudi Aramco stock is a tough sell on Wall Street
7 months, 1 week ago

Why Saudi Aramco stock is a tough sell on Wall Street

Live Mint  

Saudi Aramco’s generous dividends can only go so far in making up for an overpriced initial public offering. The Saudi government, which will still own more than 80% of Aramco at the end of the sale, will use the proceeds to fund the country’s cash-hungry Vision 2030 initiatives. Aramco shareholders missed out on the share-price rallies and bumper payouts delivered …

How Saudi Aramco plans to win the oil endgame
7 months, 1 week ago

How Saudi Aramco plans to win the oil endgame

Live Mint  

THE MANAGERS of Saudi Aramco could have the cushiest jobs in the energy business. During a visit to Saudi Arabia in May by Jennifer Granholm, America’s energy secretary, Aramco signed agreements with several American green startups. This could capture around 6m tonnes a year of Aramco’s own emissions, and another 3m from industrial customers, and either sequester them underground or …

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars
7 months, 2 weeks ago

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia said Friday it …

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars
7 months, 2 weeks ago

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia said Friday it will sell a second sliver of stock in its state oil giant Aramco worth billions of dollars, its first tranche since its initial public offering back in 2019. Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the stock sale in a corporate disclosure online. The Saudi government …

Saudi Arabia may announce landmark Aramco share sale soon: Report
7 months, 2 weeks ago

Saudi Arabia may announce landmark Aramco share sale soon: Report

Hindustan Times  

Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco later on Thursday, pending final approval from Crown Prince Mohammed bin Salman, people with knowledge of the matter said. Aramco share sale: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France. The share offering on Riyadh's Saudi Exchange, which the sources said is expected …

Saudi Aramco swears by long-term potential in Chinese market
8 months ago

Saudi Aramco swears by long-term potential in Chinese market

China Daily  

Visitors gather at Saudi Aramco's booth during an expo in Abu Dhabi, the United Arab Emirates. Saudi Aramco, the world's largest oil exporter, said it is fairly optimistic about China's long-term growth potential and the abundant opportunities arising from the country's focus on high-quality development. The company will continue supporting China's long-term energy security and economic growth, eyeing greater investment …

Saudi Aramco says Q1 profit down 14.5 percent
8 months, 1 week ago

Saudi Aramco says Q1 profit down 14.5 percent

Hindustan Times  

Oil giant Saudi Aramco said Tuesday its first-quarter net profit dipped 14.5 percent on year to $27.27 billion as the Gulf kingdom kept production cuts in place. The world's biggest crude exporter, whose profits dropped by a quarter last year, is currently producing roughly nine million barrels per day, well below its capacity of 12 million bpd. Deficits expected The …

Saudi Arabia Is in Talks to Add Top Wall Street Banks to Aramco Share Sale
10 months ago

Saudi Arabia Is in Talks to Add Top Wall Street Banks to Aramco Share Sale

Hindustan Times  

Saudi Arabia is in talks to add top Wall Street banks for a secondary share sale in oil giant Aramco, as it pushes ahead with one of the largest stock offerings in recent years, people with knowledge of the matter said. It’s likely to be a marketed offering that’s open for a few days for investors to submit their orders, …

Aramco dividend hike hands PIF $5 billion quarterly windfall: What this means
10 months ago

Aramco dividend hike hands PIF $5 billion quarterly windfall: What this means

Hindustan Times  

Saudi Arabia’s sovereign wealth fund is set to earn about $5 billion in quarterly dividend payments from its stake in Aramco, after the government handed it more shares in the state-controlled oil company, which then said it would boost shareholder payouts. The hike in Aramco’s dividend, which is set to total at least $124 billion this year, comes days after …

Saudi Aramco's profit drops to $121B in 2023 amid energy price decline
10 months ago

Saudi Aramco's profit drops to $121B in 2023 amid energy price decline

Hindustan Times  

Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. The results still marked the company's second highest ever result, Aramco said, as members of the OPEC alliance continue to cut their production to try to boost global energy prices. “The decrease mainly reflects the …

Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record
10 months ago

Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record

Associated Press  

DUBAI, United Arab Emirates — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. The results still marked the company’s second highest ever result, Aramco said, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices. …

Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund
10 months, 1 week ago

Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s crown prince transferred another 8% of shares in the kingdom’s oil giant Saudi Aramco to the country’s prominent sovereign wealth fund on Thursday. The country’s sovereign wealth fund known as the Public Investment Fund, or PIF, has been a key element of Mohammed’s plans, known as Saudi Vision 2030. “The transfer of part …

Saudi Arabia's crown prince transfers another 8% of Aramco shares to sovereign wealth fund
10 months, 1 week ago

Saudi Arabia's crown prince transfers another 8% of Aramco shares to sovereign wealth fund

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's crown prince transferred …

Saudi Arabia's oil giant Aramco says it will not increase maximum daily production on state orders
11 months, 2 weeks ago

Saudi Arabia's oil giant Aramco says it will not increase maximum daily production on state orders

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's oil giant Saudi …

Saudi Aramco sees Shandong as strategic partner
1 year, 3 months ago

Saudi Aramco sees Shandong as strategic partner

China Daily  

Muhammed Qahtani, Saudi Aramco's Downstream President. As one of China's largest refining and petrochemical hubs, Shandong province plays a crucial role in Saudi Aramco's expansion of business in China, deepening cooperation with China, and ensuring energy security and economic prosperity for China, said Muhammed Qahtani, Saudi Aramco's Downstream President. Saudi Aramco is a globally leading energy and petrochemical integrated enterprise, …

Saudi Arabia's Aramco Q2 profit drops 40% due to lower oil prices
1 year, 5 months ago

Saudi Arabia's Aramco Q2 profit drops 40% due to lower oil prices

Hindustan Times  

Saudi Arabia's state-run oil giant Aramco made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices. An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. In an earnings report filed …

Saudi Arabian oil giant Aramco reports $30B in Q2 profits, down nearly 40% from last year
1 year, 5 months ago

Saudi Arabian oil giant Aramco reports $30B in Q2 profits, down nearly 40% from last year

The Independent  

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Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices
1 year, 5 months ago

Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices

Associated Press  

DUBAI, United Arab Emirates — Saudi state-run oil giant Aramco on Monday reported $30 billion in second quarter profit, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease “mainly reflected the impact of lower crude oil prices …

Saudi Arabia Pushes for Cooperation with China, Disregards Western Suspicions
1 year, 7 months ago

Saudi Arabia Pushes for Cooperation with China, Disregards Western Suspicions

News 18  

Saudi Arabia wants to collaborate, not compete, with China, the kingdom’s energy minister declared on Sunday, saying he “ignored” Western suspicions over their growing ties. OIL DEALS In March, state oil giant Saudi Aramco announced two major deals to raise its multi-billion dollar investment in China and bolster its rank as China’s top provider of crude. They were the biggest …

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B
1 year, 8 months ago

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco reported …

Aramco Q1 PAT plummets 19% to $31.9 billion on lower crude prices
1 year, 8 months ago

Aramco Q1 PAT plummets 19% to $31.9 billion on lower crude prices

Live Mint  

On Tuesday, the Saudi oil giant Aramco reported a first-quarter net profit of 119.54 billion riyals, a drop of around 19% from the same period of the previous year. Aramco said the drop was mainly driven by lower crude prices, although partially offset by lower taxes and zakat and a rise in finance and other income. As per Refinitiv data, …

Saudi prince announces transfer of 4% Aramco stake to public investment firm
1 year, 8 months ago

Saudi prince announces transfer of 4% Aramco stake to public investment firm

Hindustan Times  

Saudi Arabia's crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom's sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman's decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi …

Saudi prince gives 4% Aramco stake to public investment firm
1 year, 9 months ago

Saudi prince gives 4% Aramco stake to public investment firm

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman’s decision, announced by the state-run Saudi Press Agency, sends …

Saudis, other oil giants announce surprise production cuts
1 year, 9 months ago

Saudis, other oil giants announce surprise production cuts

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide. Even though the production cut is only about 1% of the roughly 100 million barrels of oil the world uses …

Saudi Aramco to invest billions in Chinese petrochemicals
1 year, 9 months ago

Saudi Aramco to invest billions in Chinese petrochemicals

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's state-owned oil giant …

Saudi Aramco affirms support for China's energy security
1 year, 9 months ago

Saudi Aramco affirms support for China's energy security

China Daily  

The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia on Nov 3, 2019. Saudi Aramco aims to expand its oil production capacity by a million barrels per day to 13 million barrels by 2027 and increase gas production by more than …

Oil giant Saudi Aramco makes a historic $161B profit in 2022
1 year, 10 months ago

Oil giant Saudi Aramco makes a historic $161B profit in 2022

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists. The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war …

Saudi Aramco’s 2022 net profit jumps to 46% as oil demand rises
1 year, 10 months ago

Saudi Aramco’s 2022 net profit jumps to 46% as oil demand rises

Hindustan Times  

Saudi Aramco said on Sunday it achieved "record" profits totalling $161.1 billion last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world's biggest crude exporter. The results -- the strongest since Aramco became a listed company in 2019 -- were "predominantly due to the impact of higher crude oil prices and volumes …

Oil giant Saudi Aramco reports 46% jump in profits for 2022
1 year, 10 months ago

Oil giant Saudi Aramco reports 46% jump in profits for 2022

Firstpost  

Riyadh: Saudi Aramco reported on Sunday that profits jumped 46 per cent last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world’s biggest crude exporter. Aramco’s results are consistent with record profits for 2022 reported by the five oil majors –- Shell, Chevron, ExxonMobil, BP and TotalEnergies – which surpassed $150 billion …

Oil giant Saudi Aramco has profits of $161B in 2022
1 year, 10 months ago

Oil giant Saudi Aramco has profits of $161B in 2022

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco said …

Oil giant Saudi Aramco has $42.4B profit in third quarter
2 years, 2 months ago

Oil giant Saudi Aramco has $42.4B profit in third quarter

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide. The oil firm’s profits will help fund the kingdom’s assertive Crown Prince Mohammed bin Salman’s plans …

Oil giant Saudi Aramco has $42.4B profit in third quarter
2 years, 2 months ago

Oil giant Saudi Aramco has $42.4B profit in third quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco on …

Saudi oil giant Aramco unveils $1.5B sustainability fund
2 years, 2 months ago

Saudi oil giant Aramco unveils $1.5B sustainability fund

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi oil and gas company …

Saudis say US sought 1 month delay of OPEC+ production cuts
2 years, 3 months ago

Saudis say US sought 1 month delay of OPEC+ production cuts

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia said Thursday that the U.S. had urged it to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Rising oil prices — and by extension higher gasoline prices — have been a key driver of inflation in the U.S. and around the world, …

Saudi Arabia is booming with visitors and this time it isn’t only about oil
2 years, 4 months ago

Saudi Arabia is booming with visitors and this time it isn’t only about oil

Hindustan Times  

The more than 300 apartments in Almajdiah Residence’s new Riyadh complex sold in just a month for cash, without the company even having to advertise. Saudi Arabia is booming with visitors and this time it isn’t only about oil This is Saudi Arabia, the world’s biggest exporter of oil, so it’s no surprise the property market is red-hot as income …

Saudi Aramco posts biggest quarterly profit of any listed company
2 years, 5 months ago

Saudi Aramco posts biggest quarterly profit of any listed company

Al Jazeera  

Saudi Aramco’s net income climbed to $48.4bn in the second quarter, up from $25.5bn in 2021, the company said. Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. Aramco “expects oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global …

High oil prices help Saudi Aramco earn $88B in first half
2 years, 5 months ago

High oil prices help Saudi Aramco earn $88B in first half

Associated Press  

DUBAI, United Arab Emirates — Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. Prices have dipped below the $100 mark in past weeks amid slowed-down economic growth in China and the U.S. Aramco President CEO Amin Nasser said he …

Saudi oil giant Aramco’s first-quarter profits surge 80%
2 years, 8 months ago

Saudi oil giant Aramco’s first-quarter profits surge 80%

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia’s invasion of Ukraine. The bumper first-quarter earnings by the firm formally known as the Saudi Arabian …

Analysis: High oil prices, Ukraine war at Saudi pivot point
2 years, 9 months ago

Analysis: High oil prices, Ukraine war at Saudi pivot point

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A spike in global …

Yemen rebels launch barrage of strikes on Saudi sites
2 years, 9 months ago

Yemen rebels launch barrage of strikes on Saudi sites

Associated Press  

DUBAI, United Arab Emirates — Yemen’s Houthi rebels unleashed one of their most intense barrages of drone and missile strikes on Saudi Arabia’s critical energy facilities on Sunday, sparking a fire at one site and temporarily cutting oil production at another. The attacks did not cause casualties, the Saudi-led military coalition fighting in Yemen said, but struck sites belonging to …

Aramco profit hits $110 billion as Saudis seek to expand investments
2 years, 9 months ago

Aramco profit hits $110 billion as Saudis seek to expand investments

Live Mint  

DUBAI : State oil giant Saudi Aramco said Sunday its 2021 net profit more than doubled to $110 billion, a boon to the Middle East’s largest economy as it seeks to use its hefty profits for investment opportunities domestically and abroad. Aramco’s income jumped 124% in 2021 from $49 billion a year earlier, due to higher crude oil prices, stronger …

Saudi Arabia gives 4% of Aramco worth $80B to fund
2 years, 11 months ago

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

The Hindu  

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. Saudi Crown Prince Mohammed bin Salman, the assertive son of King Salman, made the decision to transfer the stock, the state media …

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund
2 years, 11 months ago

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund

Hindustan Times  

Saudi Arabia transferred a stake worth about $80 billion in state oil giant Aramco to the kingdom’s wealth fund as part of plans to boost its assets under management to over $1 trillion in four years. Saudi Arabia said it will transfer 4% of its stock in the state-run oil giant Aramco to its state investment fund, a nearly $80 …

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