All articles tagged with #saudi economy
Saudi Arabia has postponed its flagship Future Investment Initiative conference until 2027 due to escalating Houthi attacks. The event, scheduled for late October, was canceled after a deadly strike on Riyadh's airport killed 12 people. Major Wall Street executives were slated to speak, and the cancellation highlights the security risks facing the kingdom's economic diversification efforts.
Saudi Aramco reported a 15.4% drop in third-quarter net profit due to lower crude oil prices and weakening refining margins, but maintained a $31.05 billion dividend. The company's net income was $27.56 billion, slightly above estimates, despite a 5% decline from the previous quarter. Aramco's earnings reflect a broader trend among oil majors facing similar challenges. The company continues to invest in upstream developments and new energy programs, supporting Saudi Arabia's Vision 2030 economic diversification plan.