Aramco Shares Jump 1.6% Toward $2 Trillion

Saudi oil company Aramco shares rose 1.63% for the third consecutive day on Sunday to 37.4 Saudi riyal, pushing the company’s value toward last week's level of $2 trillion.

In the world’s largest initial public offering, the state-owned enterprise listed 1.5% of its shares on stock market on December 11 at 32 riyals each.

The public offering came as the Saudi royal family plan to persify its economy away from oil dependence.

Last Thursday, the company initially valued at $ 1.7 trillion, its shares reached $ 2 trillion, as one of the largest companies worldwide, a value that has long been awaited by Saudi Crown Prince Mohammed bin Salman.

Demand is expected to increase this week, especially from investors, as Aramco shares will join the Saudi Tadawul Index and other global indices such as the Emerging Markets Index (MSCI).

Earlier last week, analysts put the company's value at $1.36 trillion, citing corporate governance concerns as the government owns 98.5% of Aramco.

Aramco is the world's largest and most profitable company, however, its valuation faced doubts among international investors after marketing activities was observed during the public offering.