Title: Saudi Arabia Places Majority of $11.2 Billion Aramco Share Sale with Foreign Investors

In a bid to attract international investment and diversify its economy, Saudi Arabia has placed more than half of an $11.2 billion share sale in Aramco with foreign investors, according to informed sources. The kingdom has been actively seeking to reduce its dependence on oil and encourage investment in various projects.

The sources revealed that the share sale saw significant interest from investors in the United States, United Kingdom, Hong Kong, and Japan. In fact, international demand for this secondary share sale surpassed that of Aramco's initial public offering in 2019.

Aramco, the state-controlled oil giant, announced on Friday that the shares were priced at 27.25 riyals ($7.27), within the price range of 26.70-29.00 riyals. The secondary offering, codenamed Project Bond, was meticulously planned over several months.

As a result of this transaction, over 120 new international investors will be added to Aramco, further diversifying its shareholder base. The offering attracted a total demand of over $65 billion from renowned global institutions, as well as domestic retail investors, according to one of the sources.

The funds raised from this share sale are expected to be funneled into Saudi Arabia's Public Investment Fund (PIF), which supports Crown Prince Mohammed bin Salman's Vision 2030 initiative. This ambitious plan aims to fund a range of endeavors, such as electric vehicles and the construction of futuristic cities in the desert.

The PIF, which has a current value of $925 billion, has adjusted its strategy by scaling back some of its major giga-projects to focus more on driving forward the Vision 2030 plan. Analysts believe that the proceeds from the share sale may also help offset the kingdom's budget deficit, which has been exacerbated by the weakening oil price.

With the successful placement of a significant portion of the Aramco share sale with foreign investors, Saudi Arabia hopes to attract further international investment and accelerate its economic diversification efforts.