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Aramco aims to raise $10bn with real estate deal

14 May 2026

Saudi Aramco is considering plans to generate more than $10bn by leveraging its real estate assets, which include its headquarters and campus in the kingdom’s Eastern Province. The move could involve a sale-and-leaseback structure, which would provide the oil giant with a significant influx of capital while allowing it to retain use of the properties.

According to Bloomberg, Aramco is working with advisers to facilitate the transaction, which is expected to attract interest from major infrastructure and real estate investment funds. The initiative follows an $11bn lease agreement signed last year with a group led by BlackRock for facilities supporting the Jafurah gas project.

Aramco is also reportedly pursuing deals involving its gas-fired power plants, water infrastructure, and stakes in oil export and storage terminals.

These efforts to unlock capital come as the firm supports the kingdom’s economic transformation under Vision 2030 amid rising costs and regional conflict.

Aramco reported $12bn of capital expenditure in the first quarter of this year, which it said supports its growth objectives. It previously guided for capex of $50bn to $55bn for the full year.

Aramco’s capex in Q1 2026 was down 4% from the same period last year. The company spent $13.37bn in Q4 2025 and $52.2bn for the full year.

Offshore oil and gas projects are understood to have accounted for a significant share of Aramco’s first-quarter capex.

The company reported a sharp rise in profit in Q1 2026, beating analyst expectations as higher oil prices and increased crude sales offset geopolitical disruptions linked to shipping constraints in the Strait of Hormuz.

Aramco’s adjusted net income rose nearly 26% to $33.6bn in Q1 2026, from $26.6bn a year earlier.

Net income rose more than 25% year-on-year to $32.04bn, compared with $25.51bn in Q1 2025, driven by higher crude oil prices and increased sales volumes.

Revenue increased 7% to $115.49bn, supported by higher prices for crude oil, refined products and chemicals, as well as higher sales volumes of crude and chemical products.

On a quarterly basis, net income jumped 72.9% from Q4 2025, rising from $18.53bn to $32.04bn, helped by stronger margins and lower operating costs despite higher taxes and zakat payments.

Cash flow from operating activities totalled $30.7bn, while free cash flow came in at $18.6bn, down slightly from $19.2bn a year earlier. This reflected a strategic $15.8bn increase in working capital aimed at ensuring business continuity.

READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDF

Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
To see previous issues of MEED Business Review, please click here
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Colin Foreman

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