Saudi Aramco became the first Middle Eastern company to join the US$2 trillion market-cap club.
Saudi Aramco briefly reached a market capitalization of about US$2 trillion in December 2019, soon after its initial public offering on the Saudi Stock Exchange, known as Tadawul. The listing made Aramco one of the world’s most valuable publicly traded companies almost immediately.
Saudi Aramco is officially the Saudi Arabian Oil Company. It is headquartered in Dhahran and is majority owned by the Saudi government. The company’s operations span exploration, production, refining, chemicals, and distribution, making it much broader than a single oil field or export business.
The company’s valuation has fluctuated with oil prices, production expectations, and broader market conditions. The IPO was also a major element of Saudi Arabia’s Vision 2030 strategy, which aims to diversify the kingdom’s economy and develop its capital markets.