Saudi Aramco became the first Middle Eastern company to reach a US$2 trillion market value in 2019.
Saudi Aramco reached that reported valuation shortly after its initial public offering on the Saudi Stock Exchange in December 2019. Its enormous oil reserves, production capacity, and role in Saudi Arabia’s economy made it one of the world’s most valuable businesses.
The IPO valued the company at about US$1.7 trillion at its offer price. Strong early trading pushed its market capitalization to approximately US$2 trillion, although the valuation later fluctuated with the share price and oil-market conditions.
Saudi Aramco is not the same type of business as a technology giant. Its value is closely linked to petroleum production, refining, chemicals, energy prices, and Saudi government ownership. The company is also commonly called Aramco, an abbreviation derived from its former name, Arabian American Oil Company.