RIYADH: ¶¶Òõ¶ÌÊÓƵ is to see an increase in its oil revenues following the transfer of 4 percent of Aramco's shares to the Kingdom's sovereign wealth fund, according to Al Rajhi Capital's estimates.Ìý
The Kingdom is now expected to report a surplus ofÌýSR125 billion this year on higher oil income, up from SR90 billion ($40 billion) estimated earlier by the government.
The investment arm of Al Rajhi bank saysÌýoil revenues are on their way to hit SR680 billion following the transaction that is valued at SR300 billion.Ìý
Al Rajhi Capita's estimates for Saudi oil income is based on an average production of 10.5 million barrels perÌýday, and an average Brent price of $80.
The SaudiÌýCrown Prince Mohammed bin Salman announced the transferÌýto the Public Investment Fund, SPA reported earlierÌýon Sunday.
He said the state remains the largest shareholder in Saudi Aramco after the transfer process, as it owns more than 94 percentÌýof the company's shares.
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