DUBAI, United Arab Emirates (AP) — Saudi Arabia said Sunday it will transfer 4% of its stock in the state-run oil giant Aramco to its state investment fund, a nearly $80 billion infusion of cash as it tries to overhaul its energy-dependent economy.

The announcement on state media comes as the oil firm is valued just under $2 trillion.

The kingdom remains the largest shareholder in the firm with 94% of the company. It offered shares of the oil firm on Riyadh's Tadawul stock market in 2019.