Dubai, United Arab Emirates (CNN) – Saudi Crown Prince Mohammed bin Salman said on Thursday that public offerings of shares of the Saudi oil giant Aramco could occur in the coming years.
The Saudi crown prince’s statements came during his speech in a session with the former Italian Prime Minister, Senator Matteo Renzi, at the Future Investment Initiative conference, where he said that the proposals will take place as part of the country’s plan to transfer funds to the Public Investment Fund, to be re-injected inside and outside the Kingdom of Saudi Arabia for the benefit of the Saudis.
The Saudi crown prince also added a comment on the Kingdom’s plan to raise the assets of the sovereign fund from $ 400 billion to $ 1.1 trillion, saying that there are other resources or sources that will enhance the assets of the Public Investment Fund, including “tens of real estate assets whose book value in the Public Investment Fund is zero. When investments are pumped into them, this will be reflected in the value of the asset itself, which will raise it to more than 1.5 trillion riyals. “
Prince bin Salman also added that one of the other resources is the huge privatization projects that will transfer its money to the fund, which will enhance the value of its assets, as well as the natural growth of the fund’s profits and reinvesting them, which will contribute to the fund’s assets reaching $ 1.1 trillion in the next 5 years, His saying.