Aramco Keeps $31 Billion Dividend in Key Payout for Kingdom
- Distribution comes despite the company reporting lower profit
- The dividend is depleting Saudi Aramco’s cash reserves
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Aramco maintained its quarterly dividend at $31 billion despite lower profit as the payout becomes increasingly crucial for Saudi Arabia’s government in its multitrillion-dollar economic makeover plan.
The distribution by the world’s largest oil-exporting company is key for the kingdom as crude prices remain far below levels needed to balance the budget, which officials say will be in deficit for several years. Crown Prince Mohammed Bin Salman is pushing ahead with expensive ventures such as the futuristic project of Neom, but some plans are being dialed back because of funding issues.