Saudi Arabia is planning a multi-billion dollar sale of shares in the state-owned giant Aramco.

Two informed sources told Reuters that the sale of shares in this energy giant will start soon, likely in June, and will be one of the region's largest stock deals.

One of the informed sources said that the value of the shares offered could reach about $10 billion. Preparations for the Aramco share sale are underway, and details may change.

Reuters previously reported that banks including Citigroup, Goldman Sachs, and HSBC have been selected to manage the sale.

Saudi Arabia has launched the Vision 2030 economic reform program, which focuses on developing the private sector and non-petroleum growth as central to the country's future development. The country has planned extensive investments in futuristic cities to attract tourists and talent in the digital economy, moving away from reliance on petroleum revenues.

Currently, after selling 1.7% of Aramco's shares in an initial public offering (IPO) in December 2019, Saudi Arabia owns just over 98% of the petroleum giant's shares. Of the 98% owned by Saudi Arabia, 90% belongs to the Saudi government, and the other 8% belongs to the country's sovereign wealth fund. As the largest shareholder of Aramco, the Saudi government heavily relies on payments from the company to fund its budget.

Despite Aramco reporting lower income in the first quarter of 2024 due to lower petroleum prices and reduced sales volume, it announced earlier this month that it expects to pay $31 billion in cash dividends. Since the 2019 IPO, which became the world's largest, Aramco's shares have risen from 32 riyals at the time of the IPO to 38.64 riyals last year. Aramco shares closed at 29.95 riyals last Thursday.