Saudi Arabia is selling roughly $12bn worth of shares in its national oil company Saudi Aramco, as the kingdom seeks further capital for its sovereign wealth fund. The Saudi government will sell at least 1.545bn shares, or 0.64 per cent, of the world’s largest oil company at a price between SR26.7 and SR29.

Saudi Arabia's government on Thursday filed papers to sell a new stake in state oil giant Aramco that could raise as much as $13.1 billion, a landmark deal to help fund Crown Prince Mohammed bin Salman's plan to diversify the economy.

Saudi Arabia confirmed plans for a secondary share sale for its giant state-owned oil company in a deal that could raise over $10 billion for the kingdom as it seeks funds to pay for a massive economic transformation plan.