Arab company becomes third largest company in the world by market value

Shares of Saudi oil company “Aramco” rose yesterday, Wednesday, amid rising energy prices on world markets, which took the Saudi company to $ 2 trillion in market value.

Thus, the Saudi Oil Company ranks third in the ranking of international companies in terms of market value.

The ranking is led by the US electronics company “Apple”, and the market value of the US giant is $ 2.35 trillion, which means that “Aramco” is separated by $ 350 billion from “Apple”.

The American company “Microsoft” came in second and the market value of the company, according to a report published by the agency “Bloomberg”, was about 2.18 trillion dollars.

The shares of the two giant companies are a symbol of how the global economy has changed this year, as Apple shares have suffered as consumers cut spending on home entertainment and began to return to normal life, while the recovery in the transportation sector has resulted in a boom in oil prices which is directly fueling Aramco’s profits. .

There is reason to believe Aramco can keep climbing. Bank of America analysts said the global energy crisis could help push oil prices above $ 100 a barrel, for the first time since 2014.

Meanwhile, Apple is under pressure as investors become cautious of expensive tech stocks amid rising bond yields.

Source: Bloomberg