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07-10-21
Shares in Saudi Aramco close high on Wednesday
(MENAFN)On Wednesday, shares in Saudi Aramco increased on the back of rising global energy demand, declaring the world’s biggest oil company to be most valuable corporation on the planet.
Aramco’s share price on the Tadawul exchange in Riyadh increased to an all-time high of SR38 (USD10.13), putting the worth of the company at over USD2 trillion and closing the gap on Apple, currently the most valuable quoted company at USD2.32 trillion.
In the coming year, Aramco is estimated to overtake Apple. Analysts all predicted further improvements in the share price as global oil demand and prices increase on accelerating economic recovery. The US investment bank Goldman Sachs put a yearly target of SR45, which would place Aramco above Apple.
“Our expectation is that the recovery will continue. We are seeing more openings of economies,” company chief Amin Nasser said.
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