The kingdom’s Vision 2030, aimed at ending the kingdom's reliance on oil, included selling up to 5% of the company in an IPO
Executives at state-owned oil major Saudi Aramco said the economic reform plan announced by Saudi Arabia's powerful young prince on Monday would fuel growth by boosting existing company initiatives and attracting new capital.
Chief executive Amin Nasser said in comments posted on the firm's official Twitter account that the plan will be a "major boost" to initiatives including the renewable energy programme.
"We will continue the journey of transformation in implementing large strategic investments," he said in the statement.
The prince's Vision 2030 announced plans aimed at ending the kingdom's reliance on oil, including a proposed conversion of Aramco into an energy holding company and selling up to 5 percent of the company in an initial public offering (IPO).
The IPO will attract new capital to diversify the kingdom's economy and increase global confidence in the company, Chairman Khalid al-Falih said in separate comments posted on Aramco's Twitter feed.