Saudi Aramco close to catching Apple with $2.24tn market cap

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Updated 24 February 2022
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Saudi Aramco close to catching Apple with $2.24tn market cap

RIYADH: With a $2.24 trillion market value, Saudi Aramco is close to catching the world’s most valuable company, Apple Inc. – valued at $2.6 trillion.

As its shares soared to the highest level since listing, the oil giant surpassed Microsoft, claiming its position as the second-largest valued company worldwide.

As of 11.04 a.m. Saudi time, shares stood at SR42 ($11.2) after the oil giant closed a $15.5 billion pipeline deal.

Some 30 minutes earlier the share price had slipped by 0.4 percent to SR40.4, down slightly from the record high of SR40.55 it touched at the previous close.

This came amid soaring oil prices that crossed $100 a barrel for the first time since 2014 as Russia launched military action against Ukraine this morning.

On Wednesday, Aramco and an international investor consortium, led by affiliates of BlackRock and Hassana, announced the successful closing of the gas pipeline deal, which saw the company hit a record $2.2 trillion valuation. 


DP World announces new leadership appointments

Updated 58 min 28 sec ago
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DP World announces new leadership appointments

DUBAI: DP World announced the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer.

Essa Kazim currently serves as Governor of the Dubai International Financial Centre and Chairman of Borse Dubai. He brings extensive experience in financial and economic affairs, having previously held senior leadership positions in several national institutions.

Yuvraj Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade. Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions.

Narayan has served as Group Chief Financial Officer since 2005, contributing to the company’s financial resilience and operational efficiency.

DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.