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Saudi Arabia's state-owned oil company, Aramco, reported first-quarter profits of $26 billion, marking a 4.6% decline from the previous year. The drop in profitability is attributed to falling global oil prices, which pose challenges to the kingdom's ambitious development plans. Despite revenues of $108.1 billion, the company may need to consider borrowing or tapping into reserves to fund large projects, including the $500 billion Neom city and necessary infrastructure for the upcoming World Cup.
Source: YAHOO