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Aramco said the increase in profits primarily reflects the impact of higher crude oil prices, which have steadily climbed amid increased global demand for crude.

The report come after Crown Prince Mohammed bin Salman said a 'leading global energy company' was in talks to buy a one percent stake in Aramco.

Biden to propose tax hike on richest

The New Arab Staff & Agencies

Biden to propose tax hike on richest

President Joe Biden will propose a tax hike on investment gains of the wealthiest individuals to help pay for his massive infrastructure and jobs package.

Saudi Arabia could save $200 billion with green energy

The New Arab Staff

Saudi Arabia could save $200 billion with green energy

Saudi Arabia needs funding to invest in all the plans leading up to the completion of Saudi Vision 2030.

Saudi Aramco signs $12.4 billion oil pipeline deal

The New Arab Staff & Agencies

Saudi Aramco signs $12.4 billion oil pipeline deal

The announcement comes after Aramco posted consecutive falls in profits since it began disclosing earnings in 2019.

Emile Nakhleh

The world watches Lebanon on brink of collapse

Comment: Emile Nakhleh examines how corruption has brought Lebanese society to the brink, and why the international community and its institutions must hastily re-imagine innovative ways for it to survive.

The New Arab Staff & Agencies

Malaysia's ex-PM Najib Razak starts appeal of corruption conviction

Malaysia's ex-PM Najib Razak was convicted on multi-million dollar corruption charges last year. Now, he launches his appeal against a hefty ...

The New Arab Staff & Agencies

Saudi plans $3.2 trillion investments to boost private sector

Saudi Arabia announced plans for $3.2 trillion in investments by 2030 to boost the private sector and diversify its oil-reliant economy.

The New Arab Staff & Agencies

Dubai's deputy ruler Sheikh Hamdan bin Rashid dies

Sheikh Hamdan bin Rashid Al Maktoum, who served as the UAE's finance minister since 1971, had been in poor health for several months.

Saudi Aramco 2020 profits slump on lower crude prices

The New Arab Staff & Agencies

Saudi Aramco 2020 profits slump on lower crude prices

Saudi oil company Aramco lost 44.4% of net profit in 2020 because of lower prices due to the coronavirus pandemic.

The New Arab Staff & Agencies

US-convicted banker quits as Istanbul exchange chief

Mehmet Hakan Atilla resigned as the chief executive of the Istanbul stock exchange two years after having been released from prison for helping ...

Trump's former treasury secretary to launch Gulf-backed investment <em>fund</em>

Brooke Anderson

Trump's former treasury secretary to launch Gulf-backed investment fund

Steven Mnuchin is in the hiring process for the new venture, which will be backed by sovereign wealth funds from Arab Gulf states.

MbS launches company to develop Saudi mountain resort

The New Arab Staff

MbS launches company to develop Saudi mountain resort

Souda Development Company will invest $3 billion into a tourism project which includes 2,700 hotel rooms, 1,300 residential units, 30 ...

Hamas official demands details of Egypt-PA gas deal

The New Arab Staff

Hamas official demands details of Egypt-PA gas deal

Mousa Abu Marzouk said that Gazans 'should not stand by and watch as our natural resources go away' after the Palestinian Authority and Egypt ...

Saudi Arabia pushes companies to move headquarters to kingdom

The New Arab Staff & Agencies

Saudi Arabia pushes companies to move headquarters to kingdom

Saudi Arabia will stop doing business with foreign companies with regional headquarters outside the kingdom starting in 2024, state media said.

The New Arab Staff

Saudi ex-spymaster files new assassination complaint against MbS

The exiled former Saudi intelligence official accused the crown prince of trying to lure his daughter to the Saudi consulate in Istanbul, days before Jamal Khashoggi's murder.

The New Arab Staff & Agencies

Saudi firms sue former spymaster, allege $3 bn fraud

Saudi state-owned companies have sued the country's former intelligence czar in a Canadian court.

The New Arab Staff

Qatar sports broadcaster beIN denies changes in Saudi services

Subscribers of Qatar's sports broadcaster beIN have reported an alleged resumption of services in Saudi Arabia after a three-year ban.

Alessandra Bajec

Tunisia's revolutionary demand for economic justice remains unmet

In-depth: The political freedoms of Tunisia's revolution have not brought economic equality, with wealth still concentrated in the ...

Saudi Arabia reshuffles $360 billion sovereign <em>wealth</em> fund's management

The New Arab Staff

Saudi Arabia reshuffles $360 billion sovereign wealth fund's management

Riyadh's reshuffle at the PIF comes as the $360 billion fund looks set to dramatically increase domestic spending.

The New Arab Staff

Qatar agrees to ten percent stake in Borsa Istanbul

Qatar and Turkey have signed a number of economic agreements.

Hariri's return: the fruit of a counterrevolution

Nizar Hassan

Hariri's return: the fruit of a counterrevolution

Comment: By returning Hariri to the premiership, Lebanon's ruling class has completed a counterrevolutionary cycle that started with his ...

UAE sends over $550 million to Sudan after normalisation

The New Arab Staff

UAE sends over $550 million to Sudan after normalisation

After apparent pressure on Sudan to normalise ties with Israel, the UAE has sent aid to the African country.

Sudan peace will cost $7.5 billion: finance minister

The New Arab Staff & Agencies

Sudan peace will cost $7.5 billion: finance minister

A peace deal between Sudan's government and rebels comes with a hefty price tag.

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