Saudi Arabia

Aramco Digital, the technology arm of Saudi Aramco, has partnered with global IT services firm LTIMindtree to establish NextEra, a new IT services company based in Saudi Arabia. This joint venture, officially known as LTIM Aramco Digital Solutions for Information Technology Company, is a strategic move to accelerate the Kingdom’s digital transformation in alignment with its Vision 2030 economic diversification blueprint.

Saudi Arabia’s state-owned energy giant, Aramco, reported a 4.6% drop in net profit for the first quarter of 2025, reflecting the pressure of softening global oil prices on its revenue stream and, by extension, the kingdom’s ambitious economic transformation plans. Net income for the quarter stood at $26 billion, compared to $27.2 billion in the same period last year. While revenue ticked up slightly to $108.1 billion, share prices have slipped notably over the past year.

Prime Minister Narendra Modi’s two-day visit to Saudi Arabia marks a pivotal moment in India-Gulf relations, reinforcing strategic, economic, and cultural ties between the two nations. This is the first visit by an Indian prime minister to Jeddah in four decades, signaling the growing importance of the India-Saudi partnership. Modi and Crown Prince Mohammed bin Salman co-chaired the second Strategic Partnership Council meeting, aimed at advancing collaboration in energy, defense, space, health, and technology.