Saudi Aramco became the first Middle Eastern business to reach a $2 trillion market valuation after its 2019 IPO.
Saudi Aramco began trading on the Saudi Exchange in December 2019. Its initial public offering made it the world’s largest IPO at the time, and the company’s share price rose enough for its market capitalization to reach approximately $2 trillion shortly after listing.
The company is formally known as Saudi Arabian Oil Company. It is majority owned by the Saudi government and is one of the world’s largest integrated oil and gas companies. Its operations cover exploration, production, refining, chemicals, and distribution.
Saudi Aramco’s milestone is sometimes mixed up with Apple’s later $2 trillion record. Aramco reached the valuation first, but Apple became the first company to exceed $2 trillion in the commonly cited public-market milestone of August 2020. Valuation figures vary with exchange rates and share prices.