third quarter net income at Saudi Aramco fell 15% to $27.6 billion on average oil prices that were a tenth lower than the same period last year. However, the world's biggest oil company, which is more than 97% owned by the Saudi government and its public investment fund, increased dividends, moving into net debt to do so. The company is the key generator of income for the Kingdom of Saudi Arabia, which is dependent on oil Aramco to finance an ambitious program of investment to diversify the economy in new cities and other infrastructure. The country's Sovereign wealth fund is scaling back the share of its International Investment drawing aign under a multi-billion dollar Global spending spree as it refocuses on the domestic economy. The allocation shift is a sign of the pf's ambition to divert more of its Firepower towards a domes economy facing a decline in oil revenues.

Saudi Aramco lifts dividend despite profits fall | FT #shorts

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