MBS is spending big money in an attempt to diversify SAs economy. Getting access to more cash for his vision by selling a small part of Aramco is part of his plan.
That’s what I’ve read elsewhere as well. Diversifying the SA economy is a big long term goal of his. He’s looking at SA beyond oil.
That would be my take.
That it is the world’s most profitable company comes from its cost to produce oil, which is under $5 and may be under $3.
For this, I can’t fault them. US markets are at an all time high; energy is lowish, and the world is awash in zero-interest money. All in all it’s probably a pretty smart move and well timed.