Riyadh - Mubasher: Saudi Arabian Oil Company came among the top seven cash-rich companies in Europe, the Middle East, and Africa (EMEA) region, according to a report released on Thursday by Moody's Investors Service.
The overall cash held by top 10 firms in the EMEA soared 30% to EUR 260 billion in 2018, while Saudi Aramco’s cash reached EUR 43 billion, the report added.
"Saudi Aramco's inclusion has tripled Saudi Arabia's share of the total EMEA corporate cash pile to 6% in 2018 and boosted the energy sector's already dominant share to 21% in 2018 from 17% in 2017," Moody's senior credit officer at Moody's, Richard Morawetz, said.
As per Moody's data, corporate cash at non-financial companies in the EMEA grew by 15% to EUR 1 trillion at the end of 2018, compared to the year before.
