Saudi Arabia transfers $80bn in shares to wealth fund for green projects

Crown Prince Mohammed bin Salman said move was part of efforts to recalibrate the oil-led economy

Saudi Arabia has transferred shares worth $80bn to its sovereign wealth fund as the oil-rich nation hopes to rival Norway and Singapore's state-managed funds and invest in green projects.

Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler, said 4% of shares in Saudi Aramco, the world's biggest oil exporter, would be transferred to the kingdom's sovereign wealth fund as part of efforts to recalibrate the oil-dominated economy.