Saudi Aramco became the first Middle Eastern company to join the world’s trillion-dollar market-capitalization group after its shares began trading publicly in December 2019. The state-controlled oil company’s valuation rose above $1 trillion soon after its initial public offering.
Saudi Aramco is one of the world’s largest integrated energy companies and is closely associated with Saudi Arabia’s petroleum industry. Its public listing was a major part of the country’s economic reform and diversification program known as Saudi Vision 2030.
The company’s market value reflected both its enormous oil and gas reserves and investor expectations about energy prices, production, dividends, and geopolitical risk. It was also unusual among trillion-dollar companies because it was a national oil producer rather than a U.S.-based technology firm.
Saudi Aramco briefly reached a valuation near $2 trillion in early trading after its listing. Market-cap estimates can vary by source depending on the share price and whether calculations use all issued shares.