Logo
Sound journalism, grounded in facts and Biblical truth | Donate

Saudi oil firm breaks market records


Aramco leaders and Saudi stock market officials celebrate the company’s initial public offering on Wednesday in Riyadh. Associated Press/Photo by Amr Nabil

Saudi oil firm breaks market records

The Saudi Arabian oil company Aramco reached a value of $1.88 trillion on Wednesday, its first day of trading on the Saudi Tadawul stock exchange, surpassing Apple as the largest listed company in the world. That makes it worth more than the world’s top five oil companies—Exxon Mobil, Total, Royal Dutch Shell, Chevron, and BP—combined.

Why is the kingdom selling the company? It only sold a 1.5 percent ownership stake to investors, with the government still holding the rest. That stock appears to be in high demand, driving up the total value of the company. Some analysts are skeptical that cronies of the Saudi ruling family are buying the stock and driving up the price. Crown Prince Mohammed bin Salman plans to use the money raised from the sale of the stock to diversify the country’s economy and fund job-creating projects.

Dig deeper: Read Harvest Prude’s report in WORLD Tour about the crown prince’s outreach to U.S. evangelicals.


Lynde Langdon

Lynde is a WORLD Digital's managing editor. She is a graduate of World Journalism Institute, the Missouri School of Journalism, and the University of Missouri-St. Louis. Lynde resides with her family in Wichita, Kansas.

@lmlangdon

COMMENT BELOW

Please wait while we load the latest comments...

Comments

Please register or subscribe to comment on this article.

NEWS2ME

And yet WE GIVE them our tax money while they continue to kill Americans. 

When the enemy is pouring over our borders in droves with guns blazing, will Pelosi allow a wall then?