Saudi Arabia’s Aramco Reportedly Considering $50 Billion Stock Sale—It Would Make It The Largest In History


Aramco, the state-controlled oil company in Saudi Arabia, is considering offering $50 billion in shares, the Wall Street Journal reported, citing unnamed sources—such a sale would amount to the largest offering in the history of global capital markets.

Key Facts

No official date has been set yet, but the Journal is reporting that an offering could come before the end of the year.

The company has reportedly heard from interested parties, including other multinational oil companies and sovereign-wealth funds.

Any offering would be listed on the Riyadh stock exchange, rather than a foreign exchange, in an effort to avoid any legal risks with an international listing.

Forbes has reached out to Aramco for confirmation and comment.

Key Background

Aramco, the most valuable oil company in the world, has brought immense wealth to the Saudi Arabian kingdom. In March, the company announced it earned $161 billion in profit, which is estimated to be the highest net income ever recorded by an energy company. The company is mostly state owned, providing the kingdom with access to its huge revenue streams. Through Saudi Arabia’s Public Investment Fund, the government has invigorated the domestic economy and extended the kingdom’s influence abroad, most notably through a number of key sports investments such as starting the LIV Golf Tour that recently merged with the PGA and attracting several international soccer stars to play in its domestic league including Christiano Ronaldo and Neymar da Silva Santos Jr.

What To Watch For

Whether this deal ever comes to fruition. This deal has a high possibility of being postponed or canceled, according to the Journal. The company has floated the idea of a sale several times over the years, many of which fell through. One such time came in February 2022 when the company reportedly considered selling shares on the the Riyadh stock exchange as well as in an international exchange, possibly those in London or Singapore.


If this sale went through, Aramco would break its own record for most money raised through a stock sale. In 2019, the company raised $29.4 billion on the Saudi stock exchange, which is the current record.

Further Reading

Saudi Arabia’s Aramco Considers Selling $50 Billion in Shares (The Wall Street Journal)

The World’s Largest Energy Companies In 2023: The Rise Of Aramco, ExxonMobil And The Rest (Forbes)

Saudi Public Investment Fund Reports $11 Billion In 2022 Losses—But Sports Investments Might Not Be To Blame (Forbes)

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