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The sovereign wealth fund will offer a 5 percent stake in the Middle East’s most profitable mobile-phone operator. Saudi Arabia’s sovereign wealth fund is set for what could be the biggest secondary offering of the year in Europe, the Middle East, and Africa as it looks to fund a huge investment program to diversify the oil-dependent economy. The Public Investment Fund plans to raise as much as $3.1 billion through the sale of shares in Saudi Telecom Co., offering a 5% stake in the Middle East’s most profitable mobile-phone operator, according to a statement to the stock exchange. A total of 100 million shares in STC, as the company is known, will be offered between 100 riyals ($26.70) to 116 riyals starting Dec. 5. The STC stake sale is set to eclipse the $2.8 billion share placement by Germany’s Siemens Healthineers AG in March, data compiled by Bloomberg show. STC’s shares are offered at a discount to Sunday’s closing price of 116.20 riyals. The stock has climbed over 6% this year,