Saudi Arabia’s state-owned oil giant is preparing to pay out almost £100bn to fund crown prince Mohammed bin Salman’s series of mega-projects, despite a fall in profits. Aramco said it expected to pay out $124bn (£99bn) this year to its shareholders – primarily the government in Riyadh or sovereign wealth funds – compared to $98bn in 2023. That was despite the company reporting a 14pc fall in profits to $27.3bn in the first quarter of 2024. Saudi Arabia remains heavily dependent on Aramco for its finances, with oil needing to be at about $96 per barrel or more to balance the state budget, according to the International Monetary Fund. On Tuesday, benchmark crude prices were hovering below $84 per barrel. It comes as the crown prince, also known as MBS, is in need of funds for a series of major projects aimed at radically reshaping the kingdom’s economy to make it less dependent on oil. Schemes being developed include tourism sites such as museums and marine life centres, an opera house, a resort and new airport next to the Red Sea and a $500bn “smart city” in the desert known as Neom, at the country’s northwest tip. The kingdom has...