on Monday became the first company to hit a $3 trillion stock market value, before ending the day a hair below that milestone, as investors bet the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and virtual reality.
“The market is rewarding companies that have strong fundamentals and balance sheets, and the companies that are hitting these sort of huge market caps have proven they are strong businesses and not speculation,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
The Kingdom’s Purchasing Managers’ Index dropped considerably in December, falling by three points to 53.9 in December, the latest survey release showed.
Moreover, the firms’ outlook for the next year slumped to an 18-month low.
In addition, costlier raw materials and transportation were a result of increasing input prices, as the inflation rate reached its highest level since June.
The development is located at the western entrance of the Masar destination, a cultural project in the western part of Makkah, opposite the Haramain train station.
TRSP, as part of the Kingdom’s giga-projects, falls in line with its Vision 2030 roadmap that aims to diversify the economy and reduce reliance on oil.
A growing public sector infrastructure also means new opportunities for local citizens.
The Red Sea Development Co.
In November 2021, the company was given the ESG Initiative of the Year award at The Chartered Governance Institute UK & Ireland’s 2021 Awards.
The final quarter of 2022 will see the completion of the project’s first phase, which includes the building of 16 hotels with 3,000 rooms across five islands and two inland sites.
The plan will see the site host a luxury marina, an 18-hole golf course, leisure facilities, and an international airport that is expected to serve up to one million passengers by 2030.