Saudi Aramco signed a $69.1 billion deal to purchase a 70 percent share in petrochemical firm SABIC, helping pump capital into the kingdom’s sovereign wealth fund that the crown prince oversees.

Aramco mentioned that it obtained the most stake in SABIC from the Public Investment Fund (PIF) in a private transaction, leaving the rest 30 percent of SABIC’s publicly traded shares on the Saudi stock exchanged untouched.

SABIC being one of the world’s largest operating firm in more than 50 countries with 34,000 employees, has a market capitalization of is estimated to be near to $100 billion.

That being said, the acquisition will help increase Aramco’s downstream activities. Aramco currently produces 17 million tons of petrochemicals per year compared to SABIC, which produces 62 million tons.

“This transaction is a major step in accelerating Saudi Aramco’s transformative downstream growth strategy of integrated refining and petrochemicals,” Aramco CEO Amin Nasser said in a prepared statement. The national Saudi oil firm pursues to magnify its refining capacity to up to 10 million barrels per day by 2030, with 2 to 3 million barrels per day turned into petrochemicals, which are utilized to produce synthetic rubber and plastic.

The sale comes amid delays of an initial public offering of Aramco shares on an international exchange, which Crown Prince Mohammed bin Salman had touted as a way to increase capital for the kingdom’s sovereign wealth fund.

This deal provides another way to direct the funds to the Public Investment Fund for the crown prince’s projects in Saudi Arabia aimed at diversifying the economy away from reliance on oil exports for revenue generation.

PIF Managing Director Yasir Al-Rumayyan described the sale as a “win-win-win transaction” for all the three main Saudi companies, but for the fund specifically he said it will “unlock significant capital” for prolonged long-term investments.

The fund has an investment of $3.5 billion in ride hailing service Uber and has partnered with Japan’s Softbank to invest in the technology sector. PIF also looks after entertainment space near the capital, Riyadh and large-scale projects like the building of an expansive recreational and a transformational tourism project along the Red Sea.