Saudi Aramco becomes world’s most valuable company as Apple shares drop – The National

Saudi Aramco becomes world’s most valuable company as Apple shares drop – The National

Saudi Aramco, the world's largest oil-exporting company, surpassed Apple's market value on Wednesday to become the world’s most valuable company.

Aramco shares closed nearly 1 per cent lower at 45.50 Saudi riyals ($12.13) on Wednesday giving the company a market value of 9.10 trillion riyals ($2.43tn). Whereas Apple shares dropped about 5.2 per cent to $146.5 a share at the close of trading on Wednesday giving the iPhone maker a market value of $2.37tn.

Aramco's shares have jumped almost 30 per cent since January 2, while Apple's shares have dropped nearly 20 per cent since the start of the year.