Saudi Aramco’s 4% stakes transferred to PIF’s Sanabil Investments 

This transfer of stakes is a part of Saudi Arabia’s long-term initiatives to boost and diversify the national economy. (File)
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Updated 16 April 2023
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Saudi Aramco’s 4% stakes transferred to PIF’s Sanabil Investments 

RIYADH: A 4 percent stake in energy giant Saudi Aramco has been transferred from state ownership to Sanabil Investments, the investment arm of the Kingdom’s sovereign wealth fund, said Crown Prince Mohammed bin Salman on Sunday.  

The crown prince revealed that the state remains Aramco’s biggest shareholder, owning 90.18 percent stakes in the firm, Saudi Press Agency reported.  

The move follows a similar transfer last year worth tens of billions of dollars, with the wealth fund now controlling a total of 8 percent of shares in Aramco.

Mohammed bin Salman indicated that this transfer of stakes is a part of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030. 

Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says. 

The crown prince further added that the transfer will help maximize the assets of the Public Investment Fund and could enhance the PIF’s strong financial position and credit rating. 

He went on and said that the PIF will continue to launch new sectors, along with building strategic economic partnerships, localize technologies and knowledge, which will ultimately result in the creation of more direct and indirect jobs in the local labor market. 

Meanwhile, Aramco, in a statement to Tadawul said that the transfer will not affect Aramco’s total number of issued shares, as the shares transferred will rank equally alongside other existing ordinary shares in the firm. 

The statement also added that the transfer will not have any implications on the company’s operations, strategy, dividends distribution policy or governance framework.

The oil major further noted that this is a private transfer between the state and Sanabil Investments, and Aramco, as a company is not a party to the transfer and has not entered into any agreements. 

Earlier this month, in its first disclosure of investments, Sanabil Investments revealed its ties to more than 50 venture capital and private equity firms including Blackstone, KKR & Co., Andreessen Horowitz, General Atlantic, Hellman & Friedman and Platinum Equity.

It also divulged its direct investment portfolio, which included the machine learning-based discovery engine Atomwise, customer experience software company ActionIQ and cybersecurity platform Vectra, to name a few.

Sanabil Investments has pledged to commit $2 billion annually in earlier stages of the business lifecycle, particularly in venture capital, growth and small buyouts, according to its website. 

Earlier in January, data released by the Sovereign Wealth Fund Institute suggested that the PIF has maintained the sixth spot in the list of top sovereign wealth funds worldwide, with assets worth $607.42 billion.  

Currently, the sovereign fund owns 71 companies in 10 different sectors, creating more than 500,000 direct and indirect jobs.  

In November 2022, PIF Governor Yasir Al-Rumayyan said that PIF is committed to creating more job opportunities in the future. 

“We want to create 1.8 million jobs, and these are quality jobs. So, it is not only the figures we are looking at, but the quality of these figures, the quality of these jobs,” said Al-Rumayyan.

 


Artificial intelligence is transitioning into a ‘digital employee’

Updated 27 February 2026
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Artificial intelligence is transitioning into a ‘digital employee’

  • AI can be an effective tool, business leaders tell Arab News
  • Not about jobs, but ‘convergence of human capital and AI’

RIYADH:  Artificial intelligence is fundamentally reshaping the world of work, transitioning from a supporting tool to an active partner that is radically changing the nature of professions and productivity standards.

Amidst the current global transformations, an active regional digital environment is emerging.

This is being led by Saudi Arabia through Vision 2030 and massive investments in smart infrastructure, providing a living model for studying the implications of this partnership between humans and machines on the future of work in the region.

Arab News spoke to various business leaders about the emerging shape of the sector.

Salem Bagami, co-founder of Metatalent, said the ideal relationship between humans and machines at work should be complementary and collaborative.

Humans would bring creativity, emotional intelligence, and complex decision-making, while machines excel at processing big data and performing repetitive, precise tasks.

He believes that this type of balanced partnership would lead to unprecedented productivity and innovation.

While machines excel at processing big data and performing repetitive, precise tasks, humans would bring creativity, emotional intelligence, and complex decision-making. (Supplied)

Mohammad Al-Jallad, chief technologist and director at HPE, said AI has gone beyond being merely an executive tool to becoming a “digital employee” entrusted with automating routine tasks and providing insights based on data analysis.

He believes that the real opportunity lies not in the debate over job replacement, but in “the convergence of human capital and artificial intelligence.”

AI should augment human teams by taking on menial and routine tasks, enabling employees to focus on critical thinking, creativity, and ethical reasoning, significantly improving operational results.

Bagami also emphasized the complementary nature of this partnership. “The ideal relationship between humans and machines at work is one of collaboration, where each complements the others.”

He explained that humans bring creativity, emotional intelligence, and nuanced decision-making, while machines excel at processing big data and performing repetitive tasks efficiently, leading to increased productivity and innovation.

Opinion

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Salem Alanazi, chairman of Jathwa Technology Co., notes a significant trend among Saudi Arabia companies toward using AI applications to provide faster services to customers at lower costs.

The emergence of the “virtual employee” available around the clock has eliminated the need for some traditional jobs in specific sectors.

Alanazi warns that some companies’ reluctance to adopt AI may expose them to real risks. “All those who hesitated to benefit from AI applications have a lack of understanding of these technologies.”

He said those who adopt these technologies will be able to offer lower-cost, higher-quality services, which will affect the market position of companies that lag behind.

Ali Aljumhour, CEO of VALUE Consultancy, said that the transition of AI into a partner has reshaped the list of most in-demand skills in the job market.

Skills such as “prompt engineering,” “human-machine integration,” and “digital ethics” are becoming increasingly important.

He added that AI has become an instantly available “technical knowledge base,” shifting the criteria for professional distinction toward those capable of smart interaction with these technologies.

In terms of ethics, transparency, and trust, Alanazi points to the complexities of global AI governance, where legislation overlaps and evolves rapidly to keep pace with potential risks, particularly in the areas of cybersecurity and privacy.

Ali Aljumhour, CEO of VALUE Consultancy. (Supplied)

Al-Jallad emphasizes this crucial dimension, noting that providing responsible and reliable AI solutions that meet the highest standards of transparency is a key priority, especially in regulated sectors.

Bagami believes there should be basic standards for the ethical use of Al, emphasizing the need for transparency, accountability, and fairness, along with using diverse data sets to prevent bias and protect privacy.

He believes that building trust between humans and machines requires clear explanations of how systems work, giving users the opportunity to provide feedback and conducting periodic performance reviews.

On performance evaluation, Aljumhour said: “I expect radical changes in standards, shifting from measuring individual effort to evaluating the quality of the partnership between humans and machines.”

There should be a focus on the quality of inputs provided to intelligent systems, the accuracy of review and modification, and complex decision-making based on outputs.

He warns, however, of new risks that may arise, such as over-reliance on AI or difficulty in determining responsibility for mistakes.

In the employment sector, Aljumhour expects fundamental changes in standards.

There will be questions and tests focusing on measuring skills in dealing with AI, such as asking candidates about their experiences of collaborating with these systems, or testing their ability to formulate effective requests for complex tasks.

Aljumhour identifies significant human challenges in this transition, with “fear, loss of power, and exclusivity of knowledge” being the biggest concerns for experienced employees.