Dubai, UAE—Saudi Aramco is the world’s largest oil producer and the world’s most profitable company. Though primarily owned by the state, the energy giant raised $29.4 billion in an Initial Public Offering in 2019. In September 2022, the market cap of Aramco ($1.99 trillion) was ahead of Microsoft ($1.77 trillion) and only behind Apple ($2.42 trillion) in terms of market capitalization. TRENDS takes a look at the development:
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