Business

RIYADH (APP) – 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.