Saudi Arabia to raise $12 billion by selling more shares in Saudi Aramco amid Neom struggles

• Saudi Arabia is selling more shares in its state-owned oil company.
• The sale begins on Sunday, Saudi Aramco said. 
• The proceeds of about $12 billion will go to the Saudi sovereign wealth fund and may aid the Neom project.

Saudi Arabia is selling more shares in its oil company, Saudi Aramco.

The sale of a 0.64% stake in the state-owned company will begin on Sunday and is expected to raise about $12 billion.

The proceeds are expected to go to the kingdom's sovereign wealth fund — the Public Investment Fund.