DUBAI, United Arab Emirates — Saudi Arabia’s state-owned oil giant Aramco posted first-quarter profits of $26 billion on Sunday, down 4.6% from the prior year as falling global oil prices undermine the kingdom’s multi-trillion-dollar development plans.
Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw $107.2 billion in revenues and profits of $27.2 billion the same quarter last year.
Saudi Arabia has promised to invest $600 billion in the U.S. over the course of President Donald Trump’s term.
Trump, who is set to touch down in Riyadh Tuesday on his first official foreign trip since he retook the Oval Office, said in January that he wants that number to be even higher, at around $1 trillion.
Meanwhile, the Saudi de facto ruler, Crown Prince Mohammed bin Salman, has his sights set on a $500 billion project to build Neom, a vast, futuristic city in the desert along the Red Sea. The kingdom will also need new st