RIYADH, Saudi Arabia — Shares in Saudi Aramco gain on the second day of trading, propelling the oil and gas company to a more than $2 trillion valuation, where it holds the title of the world’s most valuable listed company.
Shares jump in trading to reach up to 38.60 Saudi riyals, or $10.29, before noon, three hours before trading closes.
Aramco has sold a 1.5% share to mostly Saudi investors and local Saudi and Gulf-based funds. With gains made from just two days of trading, Aramco sits comfortably ahead of the world’s largest companies, including Apple, the second largest company in the world valued at $1.19 trillion.
Crown Prince Mohammed bin Salman is the architect of the effort to list Aramco, touting it as a way to raise capital for the kingdom’s sovereign wealth fund, which would then develop new cities and lucrative projects across the country to create jobs for young Saudis and help free the Saudi economy from its dependence on oil.
— AP
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