The Saudi prince donated $78 billion worth of Saudi Aramco shares

Saudi Arabia's Crown Prince Mohammed bin Salman transferred 4 percent of the largest state oil company, Saudi Aramco, worth about $78 billion, to the country's sovereign wealth fund. This was reported by The Wall Street Journal, citing the statement of the government of Saudi Arabia.

This is not the first time that the prince has transferred Saudi Aramco shares to a sovereign fund. In particular, in February last year, he transferred $80 billion worth of the company's share to the fund. The deal is part of a plan to grow the fund's assets to more than $1 trillion by 2025.

As a result of the agreement, the share of the Saudi Arabian government in the world's largest oil exporter will decrease to 90.18 percent. Saudi Aramco said the deal would not affect the company's operations, strategy or dividend distribution, which is the main source of funding for the Saudi government.

The Sovereign Fund provides financial support to companies not related to oil exports. In particular, the fund invested in the Neom project. As part of it, Mohammed bin Salman wants to turn the region on the northwest coast of the Red Sea away from the oil economy into a technological center based on high technologies and incorporating foreign investments.