Saudi Aramco overtakes Microsoft as world’s 2nd largest company by market value

Riyadh: Saudi oil giant Aramco has displaced American technology giant Microsoft to become the world’s second-largest company by market value at 7.92 trillion Saudi Riyals (2.11 trillion dollars) as the company’s stock prices hit 36 Saudi Riyals (9.60 dollars) on Wednesday, local media reported.

Apple still holds the top of the ranking, with a market value of approximately 2.6 trillion dollars, followed by Aramco at 2.11 trillion dollars, then Microsoft at 2.05 trillion dollars.

According to Arabic daily Al-Arabiya.net, the rise in Saudi Aramco’s shares came after Crown Prince Mohammed bin Salman announced, this month, the transfer of 4 per cent of its shares to Sanabel Investment Company, which is wholly owned by the Public Investment Fund (PIF).