Saudi Arabia's Crown Prince Mohammad bin Salman said four per cent of oil giant Saudi Aramco's shares have been transferred to country's sovereign wealth fund, the Public Investment Fund, to support restructuring the economy.

Axar.az reports that the move is also part of PIF's plans to raise its assets under management to four trillion Saudi riyals ($1.07tn) by 2025, according to state-run news agency Saudi Press Agency.

The sovereign wealth fund is a central plank of Saudi Arabia's Vision 2030 plan that seeks to diversify the Arab world's largest economy and reduce its reliance on oil. Under a five-year strategy that was announced in January of last year, the fund aims to more than double the value of its assets under management to $1.07tn and to commit $40bn annually to develop the domestic economy until 2025.