Shares of Saudi Aramco rose more than 1% to 37.8 riyals in early trading, bringing the company’s valuation to two trillion dollars again.
Saudi Aramco is around the corner from winning the throne of the world’s highest market value company, and displacing the technology giant, “Apple”.
Shares of the state oil giant have soared on the back of recent energy price hikes, boosting its market value to $2 trillion, just below Apple’s $2.3 trillion.
Share prices of the two giants are an indicator of how the global economy will change this year. Apple shares have struggled as consumers rein in spending on home entertainment that has boomed during the pandemic and begin a return to normalcy. The return of transport activity due to the opening of economies led to a boom in oil prices that directly feeds Aramco’s profits.