Saudi Aramco became the first Middle Eastern company to join the trillion-dollar market-cap club.
Saudi Aramco, officially Saudi Arabian Oil Company, began trading publicly on the Saudi Stock Exchange in December 2019. Its initial public offering was the largest in history at the time, raising about US$25.6 billion before an additional share sale increased the total.
The company’s valuation rose above US$2 trillion shortly after its debut, although estimates varied depending on whether they used an intraday price or a closing price. Saudi Aramco is the principal oil producer of Saudi Arabia and holds some of the world’s largest proven crude-oil reserves.
It is distinct from Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. Aramco is an operating energy company, while the fund owns investments across many industries, including a stake in Aramco.