Saudi Arabia confirmed on Monday that it planned to sell a stake of its state oil giant Saudi Aramco which was expected to be valued at more than $2 trillion.
The sale would be less than 5 percent of the company and would be via an initial public offering (IPO), Deputy Crown Prince Mohammed bin Salman said in a television interview with the Al Arabiya News Channel.
He also said there were plans for Aramco, or to give it its full name the Saudi Arabian Oil Company, to be transformed into a holding company with an elected board, according to Reuters, with subsidiaries of the firm also to be sold by IPO.
"The 5 percent is from the parent company," Prince Mohammed told Al Arabiya in the interview.
"The kingdom can live in 2020 without any dependence on oil … The Saudi addiction to oil has disturbed development of many sectors in past years," he added.
"We plan to set up a $2 trillion sovereign wealth fund... part of its assets will come from the sale of a small part of Aramco."