Saudi Aramco became the first publicly traded company based in the Middle East to exceed $2 trillion in market value.
Saudi Aramco passed the $2 trillion level in December 2019, shortly after its shares began trading on the Saudi Stock Exchange. The company’s initial public offering was one of the most closely watched listings in financial history and placed a small portion of the state-controlled oil producer’s shares into public markets.
Saudi Aramco traces its origins to the concession granted to Standard Oil of California in 1933. The company later became fully owned by the Saudi government, and its operations span oil production, refining, chemicals, and energy trading.
Its valuation is especially sensitive to oil prices, production expectations, reserves, and government policy. The listing was domestic rather than a simultaneous global offering, which distinguishes it from many large multinational stock-market flotations.