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Saudi Crown Prince Announces Completion of 4% of Aramco Shares Transfer to Sanabil Investments

Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA
Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA
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Saudi Crown Prince Announces Completion of 4% of Aramco Shares Transfer to Sanabil Investments

Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA
Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister announced on Sunday the completion of the transfer of 4% of Saudi Aramco's total issued shares from the State's ownership to the Saudi Arabian Investment Company (Sanabil Investments), a wholly owned company of the Public Investment Fund (PIF).

The Crown Prince is Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of PIF.

He indicated that the transfer of part of the State’s shares in Saudi Aramco is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030.

The transfer will also solidify PIF’s strong financial position and credit rating.

The Crown Prince pointed out that the State will remain Saudi Aramco's largest shareholder following the transfer, with total ownership of 90.18 of the company’s shares.

PIF continues with its mandate to launch new sectors, build new strategic partnerships, localize technologies and knowledge, and create more direct and indirect job opportunities in the local market, he said.

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US, Chinese Officials Start Geneva Talks on Easing Trade War

US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
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US, Chinese Officials Start Geneva Talks on Easing Trade War

US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)

China's vice premier He Lipeng held talks with US Treasury Secretary Scott Bessent early on Saturday in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks.
Bessent and US Trade Representative Jamieson Greer were due to meet He in Geneva after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100%.
The trade dispute, combined with US President Donald Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn.
US President Donald Trump said on Friday an 80% tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145% levies imposed on Chinese imports.
The location of the talks has been kept secret, although a witness saw over a dozen police cars outside a private residence in a leafy Geneva suburb.
Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of Lake Geneva.
Earlier, a delegation of over a dozen US officials, including Bessent and Greer, were seen smiling and wearing red ties and American flags on their lapels as they left their hotel. Bessent declined to speak to reporters.