By: Economic & Finance Report
Aramco, Saudi Arabia’s state owned oil corporation is valued over a cool $2 trillion dollars net. Saudi Arabia is selling a stake of the oil giant, somewhere less then 5% according to analysts. The company will be transferred into a holding company as well, which will have a board that would be elected to monitor the business dealing of Aramco and its subsidiaries.
The Saudi government plans to institute a $2 trillion wealth fund that will diversify the Saudi economy and have the entity to be less dependent on oil and crude products. The Saudi government wants to move away from being too reliant on oil and crude since the depletion of oil prices within the past year. -SB