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
Saudi teams shine at Formula 1 in Schools World Finals
- Over 450 young innovators from around the globe join together for the event in Dhahran
- Competitors worked in 55 teams to design, build and race miniature F1 cars on a 20-meter track
RIYADH: Three Saudi teams have scooped awards at the 2024 Aramco Formula 1 in Schools World Finals.
Over 450 students from gathered at Dhahran Expo from Nov. 23-26 for the competition, the first time it has been hosted in the Kingdom. The finalists emerged from an initial 29,000 schools worldwide.
The Clad team won the Enterprise Portfolio Award, while Oryx claimed Best Engineered Car and Shaheen took Best Application of Project Management.
Competitors worked in 55 teams to design, build and race miniature F1 cars on a 20-meter track. Those taking part were aged from nine to 19, one third of whom were female.
The competition reflects Aramco’s commitment to developing future leaders in science, technology, engineering and mathematics.
The King Abdulaziz Center for World Culture, otherwise known as Ithra, oversaw the Saudi teams’ preparation during a nine-month training period. Led by 37 experts from six specialized centers, the program focused on engineering, design and teamwork.
It has become a key platform for developing Saudi Arabia’s next generation of scientific talent and putting innovation firmly on the global stage.
At the 2023 World Finals in Singapore, Saudi teams won the Innovative Thinking, Women in Motorsport and Identity awards.
The Aramco Formula 1 in Schools World Finals offer young innovators an opportunity to shape Saudi Arabia's future creative industries.
The program follows a unified curriculum covering physics, aerodynamics, design, manufacturing, branding, graphic design, sponsorship, marketing, leadership, teamwork, media skills and financial strategies.
Grand mufti of Saudi Arabia meets Pakistan’s Senate chair
- Al-Sheikh highlights role of Council of Senior Scholars on Islamic issues
- Council ‘keen to promote moderation and combat extremism in the region’
RIYADH: The Grand Mufti of Saudi Arabia on Wednesday received the chairperson of Pakistan’s senate at the presidential headquarters in Riyadh.
Sheikh Abdulaziz Al-Sheikh met Yusuf Raza Gilani, who was accompanied by a delegation of members of the upper house in the Pakistani parliament.
Al-Sheikh, who is also chairperson of the Council of Senior Scholars, and president general of scientific research and ifta, highlighted the depth and distinguished brotherly Islamic relations between Saudi Arabia and Pakistan, the Saudi Press Agency reported.
He highlighted the significant role the Council of Senior Scholars performs in the Kingdom to explain Shariah rulings about issues that concern Muslims. It has issued more than 30,000 fatwas and 200 rulings.
The council is keen to promote moderation and combat extremism in the region, he added.
He said that King Salman and Crown Prince Mohammed bin Salman continue to serve the Two Holy Mosques in Makkah and Madinah, ensuring that visitors and pilgrims receive appropriate services.
Gilani expressed his happiness to visit Saudi Arabia, noting the great role the Kingdom is playing through its leadership as well as the ties it has developed with Pakistan on various issues.
The meeting was attended by the secretary-general of the Council of Senior Scholars, Sheikh Fahd Al-Majed, and Shoura Council member Abdulrahman Al-Harbi.
New initiative to plant 60m seeds for sustainability
- NCVC CEO, Khaled Al-Abdulkader, outlined the initiative’s goal of dispersing 60 million seeds and cleaning floodplains throughout the governorate
- Efforts are part of the broader National Greening Season, which aims to increase green spaces and address environmental challenges
RIYADH: Saudi Arabia’s National Center for Vegetation Cover Development and Combating Desertification has launched the Grow Impact initiative in Hafar Al-Batin governorate to encourage community participation in preserving and expanding vegetation cover, while promoting sustainability and environmental awareness.
The center’s CEO, Khaled Al-Abdulkader, outlined the initiative’s goal of dispersing 60 million seeds and cleaning floodplains throughout the governorate.
These efforts are part of the broader National Greening Season, which aims to increase green spaces and address environmental challenges, according to the Saudi Press Agency.
Al-Abdulkader described Grow Impact as a key step toward achieving sustainable development goals, restoring ecological balance, and enhancing biodiversity.
He said that the initiative also encourages environmental responsibility among individuals and communities.
The initiative aims to reduce waste in natural areas, protect plant and animal species from human activity, and combat desertification by inspiring communities to protect natural resources.
These goals align with Saudi Arabia’s vision for preserving the planet and its natural heritage, SPA reported.
The center continues its mission to develop and protect vegetation cover throughout the Kingdom, rehabilitating degraded areas, addressing violations, combating illegal logging, and overseeing rangelands, forests and national parks.
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.
