Saudi Arabia to sell less than 5 of Aramco create 2 trillion fund
Riyadh:Saudi Arabia will sell shares in state oil giant Aramco and set up the world's largest wealth fund under a long-term economic reform plan the deputy crown prince said Monday.
"We plan to sell less than five percent of Aramco. Aramco's size is very big. It is estimated at between $2 trillion and $2.5 trillion" Prince Mohammed bin Salman said in an interview with the Saudi-owned Al-Arabiya news channel after the government announced the plan.
"We plan to set up a $2 trillion sovereign wealth fund... part of its assets will come from the sale of a small part of Aramco" the prince added.
AFP
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