Saudi Aramco may consider selling more shares if market conditions are right, the head of Saudi Arabia’s sovereign wealth fund told a news briefing on Tuesday.
The Saudi government sold more than 1.7% of Aramco in a 2019 initial public offering that raised a record $29.4 billion, triggering more IPOs in the Kingdom, which is also seeking to deepen its capital markets to reduce its reliance on oil.
Governor Saudi Arabia’s Public Investment Fund (PIF) Yasir al-Rumayyan made the comments during a media briefing to give details on the PIF’s five-year plan.
The PIF, whose holdings include a stake in Uber, plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, said on Sunday, making it one of the world’s biggest sovereign wealth funds.
Aramco shares closed 0.1% lower at 34.70 riyals ($9.25) on Tuesday, valuing it at $1.85 trillion.
