Saudi Aramco became the first Middle Eastern company listed on a stock exchange with a market value near $2 trillion.
Saudi Aramco reached the valuation shortly after its initial public offering on the Saudi Stock Exchange in December 2019. The offering made part of the state-owned oil company available to public investors while the Saudi government retained overwhelming control.
The company is formally known as Saudi Arabian Oil Company and is one of the world’s largest integrated petroleum businesses. Its operations include crude-oil production, refining, petrochemicals, pipelines, and international marketing. Its enormous reserves and production scale are central to its valuation.
The frequently quoted $2 trillion figure was an ambitious target associated with the listing and was briefly approached in early trading. Market capitalization changes with the share price, so it should not be confused with the value of the company’s oil reserves or with Saudi Arabia’s government budget.