Saudi Aramco became the first Middle Eastern company to enter the stock market with a valuation near US$2 trillion.
Saudi Aramco began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. Its initial public offering valued the company at about US$1.7 trillion, and its shares briefly pushed its market capitalization close to the US$2 trillion level during early trading.
The offering was notable because Saudi Aramco is the national oil company of Saudi Arabia and one of the world’s largest petroleum producers. Its market value depends heavily on oil prices, production expectations, reserves, and investor views of the global energy transition. It should not be confused with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund.