Saudi oil giant Aramco reports $106 billion profit in 2024, down 12pc on lower energy prices
Business
Crown Prince Mohammed bin Salman has been digging a straight-line city in the desert
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s state-owned oil giant Aramco reported a $106.25 billion profit in 2024 on Tuesday, down 12% from the prior year as lower energy prices now squeeze the kingdom’s multi-trillion-dollar development plans.
Already, Saudi’s de facto ruler Crown Prince Mohammed bin Salman has been digging a straight-line city in the desert for his $500 billion project at NEOM in Saudi Arabia’s western desert on the Red Sea. He also will need to build tens of billions of dollars’ worth of new stadiums and infrastructure ahead of the kingdom hosting the 2034 FIFA World Cup.
Meanwhile, he’s also pledged potentially $600 billion in U.S. investments to President Donald Trump to entice him to the kingdom on his first foreign trip as president. Saudi Arabia is also the possible venue for a meeting between Trump and Russian President Vladimir Putin over Moscow’s war on Ukraine.
All that and OPEC+ moving toward increasing production means Saudi Arabia likely will need to take on new debt to fund the crown prince’s vast ambitions.
