Saudi Aramco became the first trillion-dollar business in the Middle East when it listed shares in 2019.
Saudi Aramco’s initial public offering took place on the Saudi Exchange in December 2019. The listing valued the company at about $1.7 trillion, making it briefly the world’s most valuable listed company by market capitalization and the largest initial public offering at that time.
The company is Saudi Arabia’s national oil producer and one of the world’s largest integrated energy businesses. Its operations include exploration, production, refining, chemicals, and distribution. The Saudi government remains its controlling shareholder, so its public float is much smaller than its total ownership base.
Saudi Aramco is often confused with the government of Saudi Arabia itself. They are separate entities, although the state owns most of Aramco and the company is strategically central to the country’s economy.