Saudi Arabia moves $80 billion Aramco stake to wealth fund

4% shares of the firm transferred

Saudi Arabia transferred a $80 billion stake in Aramco to the kingdom’s sovereign wealth fund, boosting its assets ahead of plans to tap debt markets for the first time.

The transfer from the government will “bolster the fund’s strong financial position and high credit ratings in the medium term,” the Public Investment Fund said, adding that it “relies on the value of its assets and the returns on its assets under management for its funding strategy.”

The Aramco deal, which essentially transfers an asset from one pocket of the government to another, is the latest move taken to bolster the