Saudi Aramco overtakes Apple as world’s most valuable company

Tags: International News

Recently, Saudi petro company Aramco overtook Apple and received the status of the world's most valuable company.

  • Apple shares fell due to a slowdown in the technology sector, while the Saudi company's shares rose due to the continuous rise in oil prices.

  • Due to the fall in stocks, Apple's market cap has dropped 20 per cent to 2.37 lakh crore, while Aramco's market cap has climbed 28 per cent to 2.42 lakh crore.

  • Aramco's profits have soared 124 per cent after the sharp rise in worldwide oil prices following the Russo-Ukraine war.

  • Important facts 

  • Establishment of Saudi Aramco- 1933;

  • Saudi Aramco Headquarters- Dhahran, Saudi Arabia;

  • Saudi Aramco CEO- Amin H. Nasser

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