Saudis Complete Transfer of 8% in Aramco to the Sovereign Wealth Fund

Saudi Arabia has completed the transfer of an 8% stake in its state oil giant Aramco from state ownership to the Kingdom’s sovereign wealth fund, Saudi Crown Prince Mohammed bin Salman said on Thursday.   The transfer of the stake to fully owned companies of the Public Investment Fund (PIF) of Saudi Arabia is expected to solidify PIF’s strong financial position and credit rating, said the sovereign wealth fund, whose chairman of the board of directors is the Crown Prince. The 8% stake in Saudi Aramco is currently worth…