Saudi Aramco is exploring a sale and leaseback transaction to generate at least $10 billion from its property assets, including its Dhahran campus in the Eastern Province, according to reports published on May 13, 2026 [1]. The deal is in its early stages, with the company working alongside advisors. It is expected to attract interest from real estate and infrastructure funds [1, 2].
Along with the real estate plans, Aramco is also pursuing sales of stakes in oil export and storage terminals, gas-fired power generation plants, and water infrastructure businesses [1, 2]. These moves come as Aramco maintains its dividend payment, which stood at $21.9 billion for the first quarter of 2026 [1, 2]. However, its free cash flow for the same period was $18.6 billion, below the dividend payout level [1, 2].
This approach echoes a 2025 deal when a BlackRock-led group signed an $11 billion lease agreement for facilities supporting Aramco's Jafurah gas project [1, 2]. That leaseback deal demonstrated investor appetite for Aramco's infrastructure assets.
The company has not finalized terms yet but is engaging financial advisors to structure the transaction. The proceeds from the property deal could support ongoing investments while managing cash flow.
Aramco's exploration of multiple asset sales and leasebacks highlights a shift toward monetizing non-core assets. The company aims to leverage real estate and infrastructure assets to boost liquidity without cutting dividends.
Further updates are expected as the company advances talks with potential investors and financial partners in the coming months.
