Region

Gulf and Red Sea Regions

Stories under this heading cover the Gulf and the Red Sea regions, including the Arabian Peninsula, Iran and the countries bordering the Red Sea.

Filter archive

Publication date
Editor's choice
News
Saudi Arabia transfers 4% of Aramco shares to sovereign wealth fund

Saudi Arabia transfers 4% of Aramco shares to sovereign wealth fund

Saudi Arabia's Crown Prince Mohammed bin Salman announced the transfer of 4 percent of the Saudi oil giant Aramco’s, shares to the Public Investment Fund, the Saudi sovereign wealth fund. The transferred share are valued up to $80 billion. The move is another step by the Kingdom to diversify the economy and move it away from dependency on oil.