Saudi Aramco became the first publicly traded business outside the United States to reach a $2 trillion market value.
Saudi Aramco briefly reached the milestone in December 2019, shortly after its shares began trading on the Saudi Stock Exchange. The company’s initial public offering was a central part of Saudi Arabia’s effort to broaden investment and develop its economy beyond oil.
Saudi Aramco is the national oil company of Saudi Arabia and is one of the world’s largest oil producers. Its valuation is strongly influenced by crude-oil prices, production expectations, reserves, and government policy.
The company’s public float is relatively small compared with the state’s ownership. That means the market price of the listed shares was used to estimate the value of the entire company, including shares still held by the Saudi government.