The Saudi government sold more than 1.7 percent of Aramco in a 2019 initial public offering (IPO) that raised a record $29.4bn, triggering more IPOs in the kingdom, which is also seeking to deepen its capital markets to reduce its reliance on oil. Yasir Al-Rumayyan, who is the governor of Saudi Arabia's Public Investment Fund (PIF), made the comments during a media briefing to give details on the PIF's five-year plan.