News

Saudi Aramco Surpasses Apple To Become World’s Most Valuable Firm

ANKARA, May 13 (Bernama) — Saudi Arabia’s state-owned oil company Saudi Aramco on Thursday surpassed United States technology firm Apple to become the world’s most valuable company, Anadolu Agency (AA) reported.

The stock price of Saudi Aramco closed at 44.70 Saudi Riyal (US$11.92) per share on the country’s stock exchange Tadawul for a market capitalisation of 8.94 trillion Saudi Riyal (US$2.38 trillion).

Apple’s stock price was at US$146.07 per share on the US’ tech-heavy Nasdaq index at 11.10 am EDT for a market value of US$2.36 trillion.

This is the first time Saudi Aramco’s market value has overtaken Apple since 2020.

Since the start of this year, Apple saw its stock price fall approximately 20 per cent, while Aramco shares jumped almost 28 per cent, according to official figures.

While Apple has been struggling with supply chain bottlenecks, chip crisis and rising consumer inflation, Saudi Aramco has benefited from rising crude oil prices.

The price of international benchmark Brent crude soared to US$139 per barrel in March, its highest level since 2008.

Global oil demand rapidly climbing well above crude supply in the post-pandemic period has been instrumental in rising oil prices.

In addition, the Russia-Ukraine war threatening secure crude supply to Europe has further pushed prices higher.

Sources: BERNAMA

Adib Mohd

Recent Posts

Pandora Turns Landmarks Into Luxe, “Icons of Adventure”

From Dubai’s skyline to Hollywood’s Walk of Fame, Pandora’s latest collection celebrates wanderlust with a… Read More

2 hours ago

NakNak’s “Pickle & Play” Brings Food And Fun Together

What happens when Korea-inspired comfort food meets Malaysia’s latest sports craze? You get Pickle &… Read More

2 hours ago

Greta Thunberg Urges the World: “Focus on Gaza, Not Me”

On October 7, renowned Swedish activist Greta Thunberg arrived safely in Paris, France, following a… Read More

3 hours ago

Skechers Brings The Heat To The Court With New Viper Court Collection & Pickleball Apparel

Pickleball is having a moment and Skechers just made it cooler. The Comfort Technology Company™… Read More

6 hours ago

Go Organic, Go Authentic, Alce Nero Turns Pasta Into a Feel-Good Lifestyle

Organic, but make it Italian. This September and October, Alce Nero wants Malaysians to celebrate… Read More

7 hours ago

foodpanda Wants Gig Workers to Thrive, Not Just Survive in 2026

Budget 2026 is shaping up to be a big one, especially for the gig economy.… Read More

7 hours ago

This website uses cookies.