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Saudi Arabia's much-hyped modernisation programme has taken a substantial funding cut as the kingdom's finances suffer from the coronavirus-enduced oil market collapse and subsequent price war.

The world's largest listed firm posted a net profit of 62.5 billion riyals ($16.66 billion) in the three months to March, compared to $22.2 billion a year earlier.

The Middle East at war with coronavirus

The New Arab

The Middle East at war with coronavirus

In today's roundup: Iran re-opening mosques, free flights for healthcare workers, Gulf states reaching out to Israel, a new lockdown for Lebanon and big losses for Saudi Aramco.

Saudi slashes another million barrels from daily oil output

The New Arab & agencies

Saudi slashes another million barrels from daily oil output

The Kingdom has asked oil giant Aramco to cut its output by an additional one million barrels per day, starting in June.

Saudi markets reel after tripling of VAT

The New Arab

Saudi markets reel after tripling of VAT

Monday’s austerity measures are valued at around 100 billion royals ($26.6 billion).

The New Arab & agencies

Saudi chemical giant SABIC posts another loss

SABIC, one of the world's largest chemical firms, said it made a loss of 950 million riyals ($253 million) in the first quarter of 2020.

The New Arab

Oil prices, coronavirus could lead to Saudi austerity drive

Saudis may have to tighten their belts as low oil prices and coronavirus lockdowns hit.

The New Arab

Trump to 'look at' halting incoming Saudi oil shipments

During a press briefing, US President Donald Trump said he would consider stopping Saudi Arabian oil imports, adding the US has "plenty of oil".

The New Arab & agencies

Saudi Aramco will supply 8.5m barrels per day

The drop comes following a vicious price war between Saudi Arabia's state oil company and Russia.

Saudi police bust illegal hand sanitiser factory, arrests workers

The New Arab

Saudi police bust illegal hand sanitiser factory, arrests workers

Saudi Arabia's ministry of commerce busted an illegal hand sanitiser factory on Tuesday.

Jonathan Fenton-Harvey

Saudi Arabia's faltering divide and rule strategy in Yemen

While seeking to keep Yemen weak and divided, yet with no real long-term plan for its political future, Saudi Arabia has inadvertently limited ...

Coronavirus pandemic halts work on Saudi futuristic city NEOM

The New Arab

Coronavirus pandemic halts work on Saudi futuristic city NEOM

Saudi Arabia had big plans for its flagship megaproject NEOM, but the science fiction-like idea has drifted further from reality amid the ...

Yemen in Focus: UN's lax approach 'emboldens Houthi violence'

Sana Uqba

Yemen in Focus: UN's lax approach 'emboldens Houthi violence'

This week we focus on the response to an uptick in Houthi violence, the release of hundreds of prisoners, and more.

Houthi shelling kills women inmates at Yemen's Taiz prison

The New Arab

Houthi shelling kills women inmates at Yemen's Taiz prison

Houthi shelling on a prison in Taiz killed at least five women and a child on Saturday, local reports confirmed.

Houthis strike Marib oil facility despite UN ceasefire efforts

The New Arab

Houthis strike Marib oil facility despite UN ceasefire efforts

A state-owned oil facility in Yemen's eastern Marib region was struck by Houthis on Saturday, despite the rebels 'responding positively' to UN ...

Sana Uqba

Yemen in Focus: Houthis' Riyadh attack a 'bargaining chip'

This week we focus on recent escalations between the Houthis and Saudi Arabia, a campaign to release prisoners, and more.

The New Arab & agencies

Oil rebounds on hopes of US intervention

US President Donald Trump said he expected Saudi Arabia and Russia to make a deal to end their price war over oil.

Sana Uqba

Yemen in Focus: 'Catastrophic abuses' five years into war

This week we focus on Yemen's current humanitarian crisis as the country marks the fifth anniversary of the controversial Saudi-led intervention.

The New Arab & agencies

Oil slumps to lowest level since 2016

Oil prices have plunged further as global consumption shrinks.

Saudi <em>Aramco</em> profits slide 20.6% in 2019

The New Arab & agencies

Saudi Aramco profits slide 20.6% in 2019

Saudi Aramco has given its first earnings announcement as a listed company.

The New Arab

OPEC predicts virtually no growth this year

OPEC has predicted a year-long slump as coronavirus continues to affect global markets.

MbS has a problem his royal purge can't solve

Courtney Freer

MbS has a problem his royal purge can't solve

Comment: The crown prince's second royal purge consolidates power within the kingdom, but won't protect him from plunging oil prices and a ...

Saudi Arabia, UAE open oil taps amid price war

The New Arab & agencies

Saudi Arabia, UAE open oil taps amid price war

Saudi Arabia and its ally the UAE said they would together boost production by at least 3.5 million barrels per day.

Coronavirus: Saudi <em>Aramco</em> apologises for migrant 'human hand sanitiser'

The New Arab

Coronavirus: Saudi Aramco apologises for migrant 'human hand sanitiser'

Responding to Aramco's statement, one Twitter user said the company needed to apologise to the "person himself" and not to the public.

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