Saudi Aramco fulfilled its $75bn dividend pay-out promise in 2020, despite a
44% drop in profits. The company transferred SAR413bn to the government, a 30% decline from 2019 levels despite the budget deficit jumping to 11.6% of GDP. However, with oil prices rebounding to about $70pb earlier this month, we forecast the deficit will narrow to 1.7% of GDP this year.
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