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Saudi giant Aramco’s profits are on the rise again, driven by the rise in oil prices

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After a black year in 2020, profits of Saudi oil giant Aramco jumped 30% year-on-year in the first quarter of this year. The world number one in the sector is benefiting from the rise in crude prices and a better global economic outlook. The company is also seeking to attract foreign investment, more than a year after its IPO. Money needed to diversify the Saudi economy, which is very dependent on oil revenues.

Also on the menu for this edition is the confirmation by Egypt of the signing of a major armaments contract with France for the purchase of thirty Rafale fighter jets from Dassault. An order estimated at some 4 billion euros which, according to the French Ministry of the Armed Forces, “further strengthens the strategic and military partnership between France and Egypt”.

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