By: Economic & Finance Report
The profits from Aramco (Saudi Arabia’s natural gas and petroleum company) has been shifted to the PIF (Public Investment Fund). The shift of the funds to the PIF, has enriched the PIF by approx. $80 billion. The Saudi kingdom indicated that funds were transferred to the Public Investment Fund, in order diversify Saudi Arabia’s economy and move away from oil reserves and oil production.
Crown Prince MBS (Mohammed bin Salmon) and the Saudi Arabian government has indicated in the past that the country would be moving away from oil and diversifying its economy in other sectors. The diversifying of Saudi’s economy, comes under the time table plan set forth by MBS, called “Vision 2030”, which is the road map of how Saudi Arabia will be diversifying their economy; their products; and their services.
Saudi Aramco assets is estimated at approx. 2 trillion. The company has profited tremendously from its production of petroleum and natural gas. -SB
Image Source: Arab News