Saudi Aramco was the first Middle Eastern company to reach a $2 trillion market capitalization.
Saudi Aramco briefly reached the valuation on December 12, 2019, shortly after its shares began trading on the Saudi Stock Exchange. The company’s initial public offering was one of the largest in history and made it one of the world’s most valuable listed businesses.
Saudi Aramco is formally known as Saudi Arabian Oil Company. It is majority-owned by the Saudi government and operates the enormous petroleum resources of Saudi Arabia. Its valuation is influenced by oil prices, production expectations, refining operations, and investor views about energy demand.
The $2 trillion figure was an intraday market value, not a guarantee that the company remained above that level at every later date. Apple had reached $2 trillion earlier, in 2020, but was not a Middle Eastern company.