We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 14 Jul 2020 12:13 PM

Font Size

- Aa +

Apple close to overtaking Saudi Aramco as world's most valuable company

Apple gained as much as 4.2% on Monday for a market capitalisation above $1.70 trillion

Apple close to overtaking Saudi Aramco as world's most valuable company

pple has rallied 32% this year on broad optimism about its businesses.

Apple close to overtaking Saudi Aramco as world's most valuable company

Apple is getting close to overtaking Saudi Arabia’s state-owned oil company in market valuation, a milestone that would make the technology giant the world’s largest company by that measure.

Apple gained as much as 4.2% on Monday for a market capitalisation above $1.70 trillion, trailing Saudi Aramco at about $1.78 trillion based on current exchange rates.

In March, the gap between the two market values was more than $500 billion. Apple has rallied 32% this year on broad optimism about its businesses.

By comparison, Saudi Aramco’s market value has fallen 5.5% this year as the pandemic sapped global oil demand, prompting many producers to cut output.

Arabian Business: why we're going behind a paywall

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.