SAN FRANCISCO: Saudi Aramco on Wednesday dethroned Apple as the world’s most valuable company as surging oil prices drove up shares and tech stocks slumped.
The Saudi Arabian national petroleum and natural gas company, billed as the largest oil producing company in the world, was valued at $2.42 trillion based on the price of its shares at close of market.
Apple, meanwhile, has seen its share price drop over the past month and was valued at $2.37 trillion when official trading ended on Wednesday.
The sinking share price came despite Apple reporting better-than-expected profits in the first three months of this year amid strong consumer demand.
But, Apple warned that the China Covid-19 lockdown and ongoing supply chain woes would dent June quarter results by $4 to $8 billion.
“Supply constraints caused by Covid-related disruptions and industry-wide silicon shortages are impacting our ability to meet customer demand for our products,” Chief Financial Officer Luca Maestri said on a conference call with analysts.
The results looked good following stumbles by some Big Tech peers as growth from the stay-at-home demand amid the pandemic slows and companies confront rising operating and labor costs.
Oil giant Saudi Aramco recently reported a 124 percent net profit surge for last year, hours after Yemeni rebels attacked its facilities causing a “temporary” drop in production.
As the world economy started to rebound from the Covid-19 pandemic, “Aramco’s net income increased by 124 percent to $110.0 billion in 2021, compared to $49.0 billion in 2020,” the company said.
The kingdom, one of the world’s top crude exporters, has been under pressure to raise output as Russia’s invasion of Ukraine and subsequent sanctions against Moscow have roiled global energy markets.
Aramco president and CEO Amin Nasser cautioned that the company’s outlook remained uncertain due in part to “geopolitical factors.”
“We continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity,” Nasser said.
On the results, for 2021, he acknowledged that “economic conditions have improved considerably.”
A strong rebound last year saw demand for oil increase and prices recover from their 2020 lows.
Inflation could cause a drop in consumption, reducing demand for oil, while tech shares could continue to be dragged down by investor concerns over company costs, interest rate rises and supply chain woes.
Saudi Aramco dethrones Apple to become world’s most valuable company
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Saudi Aramco dethrones Apple to become world’s most valuable company
- Largest oil producing company in the world valued at $2.42 trillion based on the price of its shares at close of market
- Apple has seen its share price drop over past month, was valued at $2.37 trillion when official trading ended Wednesday
Thunderstorms forecast across Saudi Arabia until Sunday
- Makkah region is forecast light to moderate rain showers that could lead to flash floods
- Asir and Jazan regions will also be affected by moderate to heavy showers
RIYADH: The General Directorate of Civil Defense has forecast thunderstorms in several regions across the Kingdom until Sunday.
Makkah region is forecast light to moderate rain showers that could lead to flash floods, hail and dust-stirring winds, reported the Saudi Press Agency, while moderate to heavy rain is expected in Riyadh region.
Asir and Jazan regions will also be affected by moderate to heavy showers, while the Qassim, Eastern and Baha regions will experience moderate rain. The regions of Madinah and Najran can expect light rain.
The directorate has urged people to exercise caution, avoid areas prone to flash flooding, and refrain from swimming in flooded areas.
Members of the public should follow media channels to keep themselves updated on the latest conditions.
Autumn in Saudi Arabia is typically rainy, with rapid weather changes providing relief from the heat, according to the National Center for Meteorology.
Shoura Council, EU officials discuss strengthening ties
RIYADH: Saudi Arabia’s Shoura Council Vice Speaker Mishaal Al-Sulami met in Riyadh with an EU Political and Security Committee delegation, led by its chair Delphine Pronk, the Saudi Press Agency reported on Wednesday.
The delegation included ambassadors from the 27 EU member states, the EU Special Representative for the Gulf Luigi Di Maio, and the EU Ambassador to the Kingdom Christophe Farnaud.
Al-Sulami highlighted the Shoura Council’s oversight and legislative roles and emphasized the importance of parliamentary diplomacy in strengthening cooperation.
The delegates praised the Kingdom’s significant developments and the ambitious Saudi Vision 2030, SPA reported.
The talks addressed the strong relations between Saudi Arabia and the EU, ways to enhance collaboration between the Shoura Council and the European Parliament, and other topics of mutual interest.
Earlier, the EU delegation visited the Global Center for Combating Extremist Ideology in Riyadh, where they discussed ways to counter extremism.
The delegation also visited the Gulf Cooperation Council headquarters in Riyadh, where they discussed joint efforts to tackle global challenges.
Saudi aid targets schools in Yemen, health in Somalia
RIYADH: The Saudi aid agency KSrelief signed a cooperation agreement with a civil society organization to implement the third phase of the Back to School project in Yemen.
The initiative will be executed in the Al-Mukha district of Taiz governorate, Thamud district in Hadramout governorate, and the governorates of Shabwah, Abyan and Lahj, benefiting about 6,000 individuals.
KSrelief’s Assistant Supervisor-General for Operations and Programs Ahmed Al-Baiz signed the agreement on the sidelines of the International Conference on Conjoined Twins in Riyadh, the Saudi Press Agency reported on Wednesday.
The agreement includes the provision of 60 fully equipped classrooms, the outfitting of 10 schools to create a suitable learning environment, and the distribution of 6,000 school uniforms and bags containing essential supplies.
Additionally, job opportunities will be provided to low-income families — previous beneficiaries of training and empowerment projects — who will produce the school bags and uniforms.
This initiative is part of Saudi Arabia’s humanitarian efforts, led by KSrelief, to support the educational process, reduce dropout rates, and ensure a safer learning environment in Yemen.
In a separate agreement, KSrelief and the International Medical Corps signed a $1-million partnership to equip Garowe General Hospital in Somalia with dialysis machines and enhance its dialysis center. This project is expected to benefit 3,666 individuals.
The agreement was signed by KSrelief Supervisor-General Dr. Abdullah Al-Rabeeah and International Medical Corps President and CEO Nancy Aossey, also during the conference in Riyadh.
The initiative reflects Saudi Arabia’s humanitarian efforts through KSrelief to support health care services for those in need in Somalia.
Saudi Arabia welcomes ceasefire in Lebanon
- Kingdom appreciates all international efforts made to achieve the ceasefire, foreign ministry statement said
RIYADH: Saudi Arabia welcomes the ceasefire in Lebanon, the Kingdom’s Foreign Ministry said in a statement on Wednesday.
“The Kingdom appreciates all international efforts made in this regard and hopes that this will lead to the implementation of UN Security Council Resolution 1701, the preservation of Lebanon’s sovereignty, security, and stability, and the safe return of the displaced to their homes,” the statement said.
A ceasefire between Israel and Hezbollah started on Wednesday morning after the two sides struck a deal brokered by the US and France.
The agreement ended the deadliest confrontation between Israel and Hezbollah in years.
Fam Foods, Kobe Beef Association partner to launch halal-certified beef in Saudi Arabia
- As part of the event, Fam Foods announced the upcoming opening of Hocho, a premium Kobe and wagyu-based restaurant set to launch in Via Riyadh
RIYADH: The introduction of halal-certified Kobe beef to the Saudi market was marked by an exclusive evening at the residence of Morino Yasunari, the Japanese ambassador to Saudi Arabia.
The event was hosted by Fam Foods, the only authorized reseller in the Kingdom, in collaboration with the Kobe Beef Association and highlighted the deepening cultural and culinary partnership between Japan and Saudi Arabia.
Guests enjoyed a unique atmosphere that blended heritage and contemporary celebration. They were welcomed with traditional Saudi coffee, a gesture reflecting the nations’ shared value of hospitality, while the decor also combined their traditions.
They were also treated to a culinary journey featuring authentic Japanese techniques, including teppanyaki preparations demonstrating the artistry and meticulous craftsmanship behind Kobe beef. The renowned Kimono Butcher captivated the audience with a masterful demonstration of beef cutting, symbolizing the precision and dedication synonymous with Japanese culinary heritage.
Princess Muneera Al Rasheed, chairwoman of Fam Foods, said during her address: “This evening celebrates more than just the introduction of halal-certified Kobe beef; it embodies the rich culinary and cultural partnership between Japan and Saudi Arabia. At Fam Foods, we are committed to innovating while safekeeping tradition — together, we are transforming premium dining experiences in the Kingdom.”
Shinnosuke Murakami, president of the Sanda Meat Center Export Expansion Consortium which oversees the export of Kobe from Japan, said: “Kobe beef represents the pinnacle of Japanese wagyu beef, renowned worldwide for its exceptional flavor, rich aroma and unparalleled tenderness.
“We are deeply grateful to His Royal Highness Faisal bin Bandar bin Sultan Al Saud, Her Highness Princess Muneera Al Rasheed, and the Fam Foods team for their ongoing support in this partnership and providing us the opportunity to share this wonderful delicacy with the people of Saudi Arabia and the Arab world.”
Traditional performances also added depth to the evening, connecting attendees to the cultural roots of Japan, with the serene melodies of a koto performance and the elegance of a flute recital bringing the event to life.
As part of the event, Fam Foods announced the upcoming opening of Hocho, a premium Kobe and wagyu-based restaurant set to launch in Via Riyadh. The venture is set to redefine Japanese dining in Saudi Arabia, offering an elevated culinary experience that brings the artistry of Japanese beef to the forefront.
