Saudi MBS considering Aramco reshuffle as market value falls by $800 billionnote

Saudi Crown Prince Mohammad Bin Salman (MBS) is recalibrating his Vision 2030 program after an $800 billion erosion in Saudi Aramco’s market value.

MBS is reviewing the future of Saudi Arabia’s megaprojects, including NEOM and The Line, as well as the Kingdom’s broader strategy.

This note explores MBS’s cash-focused adjustments, including:

- Saudi stance on megaprojects

- Aramco’s reprioritization towards gas and downstream

- Aramco’s international posture and dividend protection measures

- Internal reshuffling at Aramco