Saudi Aramco became the first Middle Eastern company listed on a stock exchange with a market value above $1 trillion.
Saudi Aramco reached the milestone shortly after its shares began trading on the Saudi Stock Exchange in December 2019. Its initial public offering was closely watched because the company controls enormous oil reserves and is a central part of Saudi Arabia’s economy.
The company’s full name is Saudi Arabian Oil Company, although Saudi Aramco is the name used internationally. The Saudi government retained the overwhelming majority of its shares after the offering, so the listing represented only a small portion of the company.
Saudi Aramco is often mentioned alongside Apple in discussions of trillion-dollar companies. Unlike Apple, it is an energy producer whose valuation is strongly influenced by oil prices, production expectations, and government policy.