Saudi Aramco became the first publicly traded company outside the technology sector to exceed $2 trillion in market value.
The Saudi Arabian oil company passed the threshold shortly after its 2019 initial public offering, when a rise in its share price lifted its market capitalization above $2 trillion. The company is majority-owned by the Saudi government and remains one of the world’s largest oil producers.
Saudi Aramco’s listing was part of Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the country’s economy and reduce dependence on oil revenues. Its shares trade on the Saudi Stock Exchange, known as Tadawul.
The company is sometimes confused with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. They are separate entities, although the fund has held a major stake in Aramco.