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Saudi Aramco Tops $2 Trillion Value in Day 2 of Trading

Saudi Arabia's state-owned oil company Saudi Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market in Riyadh, Saudi Arabia, Wednesday, Dec. 11, 2019. (AP Photo/Amr Nabil)
Saudi Arabia's state-owned oil company Saudi Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market in Riyadh, Saudi Arabia, Wednesday, Dec. 11, 2019. (AP Photo/Amr Nabil)
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Saudi Aramco Tops $2 Trillion Value in Day 2 of Trading

Saudi Arabia's state-owned oil company Saudi Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market in Riyadh, Saudi Arabia, Wednesday, Dec. 11, 2019. (AP Photo/Amr Nabil)
Saudi Arabia's state-owned oil company Saudi Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market in Riyadh, Saudi Arabia, Wednesday, Dec. 11, 2019. (AP Photo/Amr Nabil)

Saudi Aramco achieved the $2 trillion valuation sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as the newly-listed state-owned oil company's shares rose sharply on their second day of trading.

Shares jumped 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 that create jobs for young Saudis.

He had sought a $2 trillion valuation for Aramco when he first announced in 2015 plans to sell a sliver of the state-owned company.

At a ceremony Wednesday for the start of trading, Aramco Chairman Yasir Al-Rumayyan, described the sale as "a proud and historic moment for Saudi Aramco and our majority shareholder, the kingdom."

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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA
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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA

Omani Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammad Al-Yousef has said that trade and economic relations between Oman and Saudi Arabia are experiencing significant growth, reflecting the strength of the fraternal and historical ties between the two countries.

During a news conference organized by the Omani Ministry of Information under the theme "Oman and the World," Al-Yousef explained on Thursday that joint projects reflect the efforts made to enhance economic cooperation between the two nations, particularly in areas that support trade exchange, regional economic development and expanding cooperation in fields such as energy, industry, technology, and tourism.

He highlighted Saudi Arabia’s efforts in opening the land route linking the Kingdom to Oman, which represents a qualitative leap in enhancing bilateral trade movement. It has facilitated the mobility of both companies and citizens and boosted tourism and public communication, alongside supporting both nations’ efforts to achieve economic integration through building advanced infrastructure, he said.

"Saudi-Omani relations are strong and prosperous, witnessing growth in all areas. We are confident that the continued cooperation between us will yield strategic gains that serve the interests of both countries in the commercial, industrial, or tourism sectors,” the minister said.

He also pointed out that Saudi Arabia has made significant strides in developing the industrial sector and modernizing the logistical infrastructure, which opens new horizons for joint cooperation, especially in areas related to industrial integration and investment in major projects.

He highlighted the recent visit by Saudi Minister of Commerce Majid Al-Kassabi to Oman, where he discussed several initiatives that both sides aim to implement in the near future, as well as opportunities to launch joint projects between the private sectors of both countries, particularly in industrial fields.

Al-Yousef stressed the Saudi-Omani relationship serves as a model for Arab economic cooperation, and that the future holds many opportunities to strengthen this cooperation at all levels.