Saudi Arabia’s Crown Prince Mohammed Bin Salman announced on Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil.

Crown Prince Mohammed Bin Salman’s decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi Arabian Investment Co., known as Sanabil Investments. Sanabil is under the sovereign wealth fund known as the Public Investment Fund.

“The transfer will also solidify PIF’s strong financial position and credit rating,” the statement about the deal said. It gave no possible investment targets for either Sanabil or the PIF.

Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the shares going to Sanabil. It said the Saudi government remains the oil firm’s biggest shareholder, with over 90% of its stock.

“This is a private transfer between the state and Sanabil, and the company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer,” Aramco said in a stock market filing.

In February 2022, another 4% of Aramco had been transferred to the PIF. Just 1.73% of the company, a narrow sliver, is traded on Saudi Arabia’s Tadawul stock market since the company’s 2019 initial public offering.

Aramco has a market value of $1.94 trillion, making it the world’s third most-valuable firm, behind just Apple and Microsoft respectively. That makes the 4% worth in theory some $77.6 billion.

Aramco stock traded slightly up on the Tadawul to $8.82 a share Sunday.

Aramco reported earning a $161 billion profit last year, claiming the highest-ever recorded by a publicly listed company. That came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow’s oil and natural gas in Western markets. Benchmark Brent crude now trades above $86 a barrel, further fueling global inflation worries.

Saudi Arabia’s vast oil resources, located close to the surface of its desert expanse, make it one of the world’s least expensive places to produce crude. The crown prince hopes to use the oil wealth to pivot the kingdom off oil sales, like with his planned $500 billion futuristic desert city called Neom and other projects.

Meanwhile, the E3 Customer Experience Conference 2023, organised by Ejtemaat Saudi Arabia in partnership with Saudi CX Association, will return for its third edition on May 16-17, 2023, in Riyadh, Saudi Arabia.

This Conference stems from the Saudi Customer Experience Association’s vision to enhance knowledge and build capabilities, as well as bring balance between Arabic culture and expertise in order to develop professional cadres and enhance the capabilities of businesses in the field of customer experience.

The Conference, held in strategic partnership with the Ministry of Communications and Information Technology of Saudi Arabia, will feature practical strategies, tools, methods, and initiatives organisations can use to accelerate customer-centric growth and innovation in a rapidly evolving experience economy.

The two-day event will showcase regional and international CX success stories and connect 500+ delegates from the Middle Eastern CX community with recognised CX practitioners and thought leaders from across the globe. Attendees will gain insights into CX business models and best practices, explore KSA-focused CX protocol with global leaders, and discover new CX technologies and user-friendly tools.

“It is evident that the swift rise and fall of trends pose a true challenge for organisations to create an infallible plan for satisfying and retaining customers. With an overarching mission to establish the Kingdom as a CX excellence benchmark in the region, we at the Saudi CX Association look forward to welcoming the global CX community at the Conference as we work to explore and tap into the genuine potential of customer experience in ensuring the triumph of businesses and the formation of long-standing customer relationships across the Kingdom” remarked Eng. Abdullah AlGhamedi, Founder & Chairman of Saudi CX Association.

“As advanced technology continues to shape customer service goals by streamlining digital workflows and improving overall experiences, it is essential to monitor customer feedback as the ultimate measure of success for businesses throughout the Kingdom. The upcoming event will provide an opportunity for CX professionals from different industries to explore solutions and gain insights into emerging trends from CX leaders across the globe,” said Abdulaziz Alosime, General Director of Customer Experience Improvement at Riyadh Municipality and the Vice Chairman of Saudi CX Association.

Research has found that today, companies with a customer experience mindset earn 4 to 8% more revenue than their competitors. As approaches to providing excellent experience continue to change, Customers want to be served quickly and seamlessly on the first try, leaving businesses today in the search for solutions and expertise to help brands stay ahead of the curve.

In line with these developments, one of the highlights of the event will be the highly-anticipated launch of the CX Saudi Excellence Programme, to be led by the Saudi CX Association, celebrating top performers, innovative solutions, and leaders in the customer experience field. Judged by a prestigious panel, the recognition ceremony will highlight the best the industry offers and serve as a platform to honour their achievements.

“CX is quickly becoming the key differentiator between organisations’ overall brand resilience and success, which is why gatherings like the E3 Customer Experience Conference are becoming increasingly important for companies looking for effective ways to make CX a part of their organisational culture and the centre of their business plan,” said Dr. Fahad Al Twaijry, Director of Ejtemaat Events MENA LLC.

Supported by its global partners Teleperformance, Lucidya, Qualtrics, QuestionPro, New Metrics, Medallia, Survey2Connect, Sprinklr, Silah, Horváth, RayaCX, CXKsa, Taqniyat, Kinari and CXBrand, the E3 Customer Experience Conference 2023 is a must-attend event for CX professionals looking to stay ahead of the curve and deliver next-level customer experiences. Register now and secure your spot at the premier CX event of the year.

Agencies