DUBAI—Saudi Arabia transferred shares worth about $80 billion in oil giant Aramco to its wealth fund as part of efforts to diversify the kingdom’s hydrocarbon-dependent economy.
The transfer of a 4% stake in state-owned Saudi Arabian Oil Co., known as Aramco, will support the Public Investment Fund’s plan to grow its assets under management to over $1 trillion by 2025, from about $480 billion currently, the Saudi government said Sunday.