Saudi Aramco became the first public company from the Middle East to reach a $1 trillion market value.
Saudi Aramco reached the milestone shortly after its initial public offering on the Saudi Stock Exchange in December 2019. The offering made the company the largest listed company in the world at that time and gave international investors a direct stake in Saudi Arabia’s state-controlled oil producer.
Saudi Aramco traces its origins to an oil concession granted to Standard Oil of California in 1933. The Saudi government gradually acquired ownership, completing nationalization in the 1980s. It remains one of the world’s largest integrated energy companies.
The company briefly approached a $2 trillion valuation after listing, although estimates varied with the share price and the number of shares counted. Its market value is distinct from the value of Saudi Arabia’s broader oil reserves.