Saudi Arabia plans US$2t megafund, to sell shares in Aramco

Riyadh

SAUDI ARABIA is getting ready for the twilight of the oil age by creating the world's largest sovereign wealth fund for the kingdom's most prized assets.

Over a five-hour conversation, deputy Crown Prince Mohammed bin Salman laid out his vision for the Public Investment Fund, which will eventually control more than US$2 trillion and help wean the kingdom off oil. As part of that strategy, the prince said Saudi will sell shares in Aramco's parent company and transform the oil giant into an industrial conglomerate. The initial public offering could happen as soon as next year, with the country currently planning to sell less than 5 per cent.