Saudi Aramco is the Saudi company that was partially listed on the Tadawul in 2019 and is one of the world's largest oil producers. Its initial public offering began trading on the Saudi Stock Exchange, or Tadawul, on December 11, 2019.
The company traces its origins to an oil concession granted by Saudi Arabia to Standard Oil of California in 1933. Oil was discovered commercially at Dammam Well No. 7 in 1938. Ownership was gradually transferred to the Saudi government, with full state ownership completed in 1980.
Saudi Aramco is formally known as Saudi Arabian Oil Company. It is not the same as Saudi Arabia's sovereign wealth fund, the Public Investment Fund, although the fund owns a substantial stake. The listing made Aramco a major publicly traded company while the Saudi state retained control.