The Kingdom is now expected to report a surplus of SR125 billion this year on higher oil income, up from SR90 billion ($40 billion) estimated earlier by the government.

The investment arm of Al Rajhi bank says oil revenues are on their way to hit SR680 billion following the transaction that is valued at SR300 billion.

Al Rajhi Capita's estimates for Saudi oil income is based on an average production of 10.5 million barrels per day, and an average Brent price of $80.

The Saudi Crown Prince Mohammed bin Salman announced the transfer to the Public Investment Fund, SPA reported earlier on Sunday.

He said the state remains the largest shareholder in Saudi Aramco after the transfer process, as it owns more than 94 percent of the company's shares.