Tadawul lists the shares used for Saudi Aramco’s market-cap ranking.
Tadawul is the stock exchange of Saudi Arabia and the home market for Saudi Aramco’s publicly traded shares. Saudi Aramco’s initial public offering in December 2019 was one of the largest stock offerings in history and brought the energy company into public-market valuation rankings.
The exchange is based in Riyadh and is operated by Saudi Exchange, whose official name is the Saudi Stock Exchange. The word Tadawul is still widely used when discussing the Saudi market and its main index.
Market capitalization is calculated from the exchange-traded share price and the number of outstanding shares. This means the value assigned to Saudi Aramco in global rankings is linked to trading on Tadawul, rather than to a U.S. exchange such as Nasdaq or the New York Stock Exchange.