Saudi Arabia has allocated more than half of the $11.2 billion share sale in Aramco (2222.SE) to foreign investors.

The kingdom has long sought to attract international investment to infuse tens of billions of dollars into projects aimed at diversifying its economy away from dependence on oil. However, it has faced challenges in achieving its goals of attracting foreign investments.

The secondary sale of Aramco shares was a remarkable success, with international demand exceeding the demand for Aramco’s initial public offering (IPO) in 2019.

More than half of the shares sold were allocated to foreign investors, indicating increased international confidence in both Aramco and the Saudi economy.

The price of Aramco’s shares in the secondary sale was set at SAR 27.25 ($7.27), after the company established a price range between SAR 26.70 and SAR 29.00. The sale, referred to by the participating bank as the “Sanad Project,” took several months of planning.

The proceeds from the sale of Aramco shares will be used to finance various projects within the “Vision 2030” initiative, championed by Saudi Crown Prince Mohammed bin Salman. These projects include the development of electric cars and the construction of futuristic cities in the desert.

The successful secondary sale of Aramco shares highlights the progress Saudi Arabia has made in diversifying its economy and attracting foreign investment.