News - Middle East - Saudi Arabia: Saudi Aramco is seeking to sell billions of dollars in international bonds to bolster the oil company’s balance sheet and meet its $75bn dividend target as the Coronavirus crisis hits its profits. Saudi Aramco, which floated its shares in 2019, earlier this month reported a 45 per cent drop in third-quarter net income to $11.8bn.

The pandemic dramatically hit demand for oil and company earnings while its debt levels are surging. The upcoming bond issue is designed to fill a financial gap after that brutal year.

It is note worthy that Bin Salman announced that Saudi Arabia would reduce the salaries of workers in the public sector by more than 30% and completely cancel the allowances and bonuses.