Saudi Arabia announced on Sunday that it would transfer 4% of its shares in oil giant Aramco to its public investment fund, an injection of nearly $80 billion in cash as it tries to restructure its dependent economy. Energy.

The announcement from the state-run Saudi Press Agency comes as the oil company is valued at just under $2 trillion and oil is trading above $90 a barrel, its highest level since 2014.

Saudi Crown Prince Mohammed bin Salman, the assertive son of King Salman, made the decision to transfer the shares, according to the state media report. It will go to the Public Investment Fund, the kingdom’s sovereign wealth fund, which has been Prince Mohammed’s vehicle to invest in everything from Uber to British soccer team Newcastle United.

“His Highness added that the transfer of these shares is part of the kingdom’s long-term strategy to support the restructuring of the national economy,” the report said. This will include creating private sector jobs in the kingdom, he added.

Saudi Arabia has reaped the benefits of a spike in oil prices after the coronavirus pandemic at one point sent prices plummeting into negative territory, but it also sees growing global concern over climate change fueled by burning fossil fuels. The Public Investment Fund has also invested in electric car maker Lucid Motors Inc. of Newark, California.

The kingdom remains the firm’s largest shareholder with some 94% of the company. The Saudi Arabian Oil Co. has long been both the main economic engine of the kingdom and the main source of funding for its ruling Al Saud royal family.

Saudi Arabia offered a slice of the oil company’s shares on Riyadh’s Tadawul stock market in 2019.

A share of Aramco stood at 37.3 Saudi riyals, or $9.94, ahead of Sunday’s trading.