Shares in Saudi Arabia’s state oil company Aramco soared on Wednesday after a record-breaking $25.6bn initial public offering.
Saudi Aramco saw its value jump to almost $1.9 trillion, cementing its position as the world’s most valuable company, eclipsing Apple, Amazon and Microsoft.
However, Aramco is still short of the $2-trillion price tag initially sought by Crown Prince Mohammad bin Salman.
Aramco sold 0.5 per cent of its shares on Saudi Arabia’s Tadawul stock exchange after scaling back its plans in the face of weaker-than-expected demand from international investors.
Despite the climbdown, Aramco’s IPO is still the biggest in history, eclipsing Alibaba’s record $25bn listing in 2014.
1/50 11 December 2019
A boy inspects his damaged home after after an attack near the Bagram Air Base in Kabul, Afghanistan, A powerful suicide bombing targeted an under-construction medical facility near the main American base north of the capital
AP
2/50 10 December 2019
Swedish climate activist Greta Thunberg arrives to participate in the event “Unite behind the science” within the UN Climate Change Conference COP25 in Madrid
AFP via Getty
3/50 9 December 2019
White Island (Whakaari) volcano, as it erupts, in the Bay of Plenty, New Zealand. According to police, at least five people have died in the volcanic erruption
EPA/Michael Schade
4/50 8 December 2019
People gather amidst the ruins of a building, destroyed during reported Syrian regime and Russian air strikes the previous day in the town of Balyun. The reported air raids killed 19 civilians, eight of them children, in the country’s last major opposition bastion
AFP via Getty
5/50 7December 2019
A French CGT unionist holds up the union’s flag as he demonstrates against unemployment amidst smoke bombs in Nantes. The most serious nationwide strike to hit France in years caused new misery for weekend travellers, with defiant unions dismissing proposals by the government and warning walkouts would last well into next week
AFP via Getty
6/50 6 December 2019
People stand on top of a collapsed six-storey building in Nairobi, Kenya. Local media reported that several people are feared trapped as the rescue operation continues
EPA
7/50 5 December 2019
Indonesia players celebrate a point during their match against Vietnam in the women’s volleyball preliminary round of the Southeast Asian Games being held in the Philippines
Reuters
8/50 4 December 2019
Firefighters work to contain a large fire at an industrial building at Inlet Road inn Auckland, New Zealand
Getty
9/50 3 December 2019
Doan Quynh Nam Tran of Vietnam competes in the women’s gymnastics at the SEA Games (Southeast Asian Games) in Manila
AFP via Getty
10/50 2 December 2019
A youth plays on foamy discharge, caused by pollutants, as it mixes with the surf at a beach in Chennai
AFP via Getty
11/50 1 December 2019
Southeast Asian Games at the Royce Hotel, Mabalacat, Philippines. Vietnam’s Pham Hong Anh in action during her single dance final.
Reuters
12/50 30 November 2019
A woman holds a coloured flag at the Botswana Pride Parade in Gaborone. The parade is the first one organised in Botswana, after the Court ruled on June 11 in favour of decriminalising homosexuality, which had been punishable by a jail term of up to seven years.
AFP via Getty
13/50 29 November 2019
A child holds a placard during a ‘drop dead’ flashmob protest against climate change consequences at Lumpini Park in Bangkok, Thailand
Reuters
14/50 28 November 2019
Pro-democracy protesters hold an SOS sign and US national flags during a Thanksgiving rally in Edinburgh Place, Hong Kong. Protesters were thanking US President Donald Trump for signing into a law ‘The Hong Kong Human Rights and Democracy Act Hong Kong’, provoking an angry backlash from the Chinese government. Hong Kong is in its sixth month of mass protests, which were originally triggered by a now withdrawn extradition bill, and have since turned into a wider pro-democracy movement
EPA
15/50 27 November 2019
Rescuers with a dog search through the rubble of a collapsed building after an earthquake in Durres, western Albania
AP
16/50 26 November 2019
A shepherd leads a flock of sheep on a pontoon bridge in Allahabad
AFP via Getty
17/50 25 November 2019
North Korean leader Kim Jong Un inspects a female company belonging to 5492 troops
KCNA via Reuters
18/50 24 November 2019
A protester jumps between burning tires during ongoing anti-government protests in Basra, Iraq
Reuters
19/50 23 November 2019
Fans dressed as Star Wars characters during day three of the first Test between Australia and Pakistan at The Gabba in Australia
Getty
20/50 22 November 2019
Pope Francis speaks with religious leaders during a meeting at the Chulalongkorn University in Bangkok, Thailand
Reuters
21/50 21 November 2019
A girl injured in last night’s attack by the Syrian regime on a camp for displaced people near the Turkish border in Idlib, Syria is held up to the camera
AFP/Getty
22/50 20 November 2019
Indian paramilitary soldiers detain a Congress party supporter during a protest against the withdrawal of Special Protection Group (SPG) cover to party president Sonia Gandhi, her children and former prime minister Manmohan Singh, in New Delh. The move to lift off the SPG security, an elite force that protects prime ministers and their immediate families, led to sharp reactions from the Congress, which accused the government of personal vendetta
AP
23/50 19 November 2019
An image taken from a plane window shows Sydney shrouded in smoke from nearby bush fires
AAP Imagevia Reuters
24/50 18 November 2019
Protesters run for cover after riot police fired tear gas towards the bridge they were climbing down to the road below, to escape from Hong Kong Polytechnic University. Dozens escaped the besieged campus by lowering themselves on a rope from a footbridge to a highway. Once on the road they were seen being picked up by waiting motorcyclists
AFP via Getty
25/50 17 November 2019
Anti-government protesters draped in Iraqi national flags walk into clouds of smoke from burning tires during a demonstration in the southern city of Basra, Iraq
AFP via Getty
26/50 16 November 2019
A protester wearing a yellow jacket waves a French flag in a fountain during a demonstration to mark the first anniversary of the “yellow vests” movement in Nice, France
Reuters
27/50 15 November 2019
A Palestinian protester uses a slingshot to return a tear gas canister fired by Israeli forces amid clashes following a weekly demonstration against the expropriation of Palestinian land by Israel in the village of Kfar Qaddum
AFP via Getty
28/50 14 November 2019
A patient suffering from dengue fever receives medical treatment at an isolation ward at a hospital in Larkana, Pakistan. According to local reports, 26 deaths have been reported out of a total of 10,013 confirmed cases of dengue infection. Dengue fever is reportedly caused by a specific type of mosquito, the Aedes mosquito, that bites only during daytime, especially during sunrise and sunset.
EPA
29/50 13 November 2019
An anti-government protester flashes the V-sign for victory in front of burning tyres used to block a main road at the entrance of Tripoli. The previous night, street protests erupted across Lebanon after President Michel Aoun defended the role of his allies, the Shiite movement Hezbollah, in Lebanon’s government, cutting off several major roads. In his televised address, Aoun proposed a government that includes both technocrats and politicians
AFP via Getty
30/50 12 November 2019
An Israeli missile launching from the Iron Dome defence missile system, designed to intercept and destroy incoming short-range rockets and artillery shells. They were sent up to intercept rockets launched from the nearby Palestinian Gaza Strip. Israel’s military killed a commander for Palestinian militant group Islamic Jihad in a strike on his home, prompting retaliatory rocket fire and fears of a severe escalation in violence
AFP/Getty
31/50 11 November 2019
A species of deer thought to be extinct, the chevrotain, has been spotted for the first time in 30 years in the wilds of Vietnam. The deer is around the size of a domestic cat
SIE/GWC/Leibniz-IZW/NCNP /SWNS.C
32/50 10 November 2019
The royal motorcade of Japanese Emperor Naruhito and Empress Masako, under tight security, passes through a street in Tokyo. Thousands of people gathered for the rare open-top car parade featuring the newly enthroned Emperor
Kyodo News via AP
33/50 9 November 2019
People knock over a mock-up of the former Berlin Wall during a performance prior to the German first division Bundesliga football match Hertha BSC Berlin v RB Leipzig on the 30 anniversary of the fall off the wall
AFP/Getty
34/50 8 November 2019
Flames from an out of control bushfire from a nearby residential area in Harrington, northeast of Sydney. Australian firefighters warned they were in “uncharted territory” as they struggled to contain dozens of out-of-control bushfires across the east of the country
Kelly-ann Oosterbeek/AFP/Getty
35/50 7 November 2019
Demonstrators shine lasers during a protest against Chile’s government in Santiago, the capital
Reuters
36/50 6 November 2019
Activists from India’s main opposition Congress party shout slogans as they are stopped by police during a protest against what the activists say is economic slowdown in the country, in Guwahati, India
Reuters
37/50 5 November 2019
Smoke rises from a fire in downtown Lagos, Nigeria. Firefighters worked hard to try and extinguish a fire at the Balogun market. Thick black smoke and flames shot from the five-story buildings as fire trucks attempted to get access
AP
38/50 4 November 2019
Women run down a sand dune as they take part in the desert trek “Rose Trip Maroc” in the erg Chebbi near Merzouga. It is a female-oriented trek where teams of three must travel through the southern Moroccan Sahara desert with a compass, a map and a topographical reporter
AFP via Getty
39/50 3 November 2019
Riot police descend an escalator inside the City Plaza mall in Hong Kong after a bloody knife fight wounded six people there. A local pro-democracy politician had his ear bitten off during another chaotic day of political unrest in the city
AFP via Getty
40/50 2 November 2019
People participate in the celebration of the ‘muerteadas de Jalapa del Valle’, as part of the Day of the Dead in Mexico
EPA
41/50 1 November 2019
Firefighters work to control flames from a backfire during the Maria fire in Santa Paula, California
AFP via Getty
42/50 31 October 2019
Aurora Borealis, the Northern Lights, over the Vestrahorn mountain in the east of Iceland
PA
43/50 30 October 2019
A model presents a creation at the show Heaven Gaia by Xiong Ying during the China Fashion Week in Beijing. The fashion event runs from 25 October to 2 November
EPA
44/50 29 October 2019
Hindu devotees collect rice as offerings on ‘Annakut’ or ‘Govardhan Puja’ festival at the Madan Mohan temple in Kolkata. People in large numbers gather at the temple to collect the rice offerings in the belief that it will keep them in good health and they’ll never face poverty or scarcity of food
AFP via Getty
45/50 28 October 2019
Authorities investigate after a Port Authority bus was caught in a sinkhole in downtown Pittsburgh, Pennsylvania
AP
46/50 27 October 2019
South Africa players celebrate after beating Wales in their Rugby World Cup semi-final match. The Springboks will face England in next Saturday’s final following fly-half Handre Pollard’s match-winning penalty four minutes from time. The match ended 19-16
Reuters
47/50 26 October 2019
Participants from Thailand pose in front of the Chiang Kai-shek Memorial Hall as they take part in the annual gay pride parade in Taipei. Some two hundred thousand revellers marched through Taipei in a riot of rainbow colours and celebration as Taiwan held its first pride parade since making history in Asia by legalising gay marriage
AFP/Getty
48/50 25 October 2019
A girl enjoys a ball bath as she is being photographed at the made-for-Instagram museum ‘Cali Dreams’ in Dusseldorf, Germany. No artworks are shown in this museum, rather each visitor himself becomes an artwork by staging himself in front of one of the 25 sceneries. Cali Dreams is initially open for three months. After this test phase, however, the museum is planned as a long-term project
EPA
49/50 24 October 2019
A fire lorry speeds towards a rampant wildfire near Geyserville, California
AFP/Getty
50/50 23 October 2019
Protesters facing Lebanese army soldiers wave national flags in the area of Jal al-Dib in the northern outskirts of Beirut. A week of unprecedented street protests against the political class showed no signs of abating, despite the army moving to reopen key roads. Protests were sparked on October 17 by a proposed tax on WhatsApp and other messaging apps
AFP/Getty
1/50 11 December 2019
A boy inspects his damaged home after after an attack near the Bagram Air Base in Kabul, Afghanistan, A powerful suicide bombing targeted an under-construction medical facility near the main American base north of the capital
AP
2/50 10 December 2019
Swedish climate activist Greta Thunberg arrives to participate in the event “Unite behind the science” within the UN Climate Change Conference COP25 in Madrid
AFP via Getty
3/50 9 December 2019
White Island (Whakaari) volcano, as it erupts, in the Bay of Plenty, New Zealand. According to police, at least five people have died in the volcanic erruption
EPA/Michael Schade
4/50 8 December 2019
People gather amidst the ruins of a building, destroyed during reported Syrian regime and Russian air strikes the previous day in the town of Balyun. The reported air raids killed 19 civilians, eight of them children, in the country’s last major opposition bastion
AFP via Getty
5/50 7December 2019
A French CGT unionist holds up the union’s flag as he demonstrates against unemployment amidst smoke bombs in Nantes. The most serious nationwide strike to hit France in years caused new misery for weekend travellers, with defiant unions dismissing proposals by the government and warning walkouts would last well into next week
AFP via Getty
6/50 6 December 2019
People stand on top of a collapsed six-storey building in Nairobi, Kenya. Local media reported that several people are feared trapped as the rescue operation continues
EPA
7/50 5 December 2019
Indonesia players celebrate a point during their match against Vietnam in the women’s volleyball preliminary round of the Southeast Asian Games being held in the Philippines
Reuters
8/50 4 December 2019
Firefighters work to contain a large fire at an industrial building at Inlet Road inn Auckland, New Zealand
Getty
9/50 3 December 2019
Doan Quynh Nam Tran of Vietnam competes in the women’s gymnastics at the SEA Games (Southeast Asian Games) in Manila
AFP via Getty
10/50 2 December 2019
A youth plays on foamy discharge, caused by pollutants, as it mixes with the surf at a beach in Chennai
AFP via Getty
11/50 1 December 2019
Southeast Asian Games at the Royce Hotel, Mabalacat, Philippines. Vietnam’s Pham Hong Anh in action during her single dance final.
Reuters
12/50 30 November 2019
A woman holds a coloured flag at the Botswana Pride Parade in Gaborone. The parade is the first one organised in Botswana, after the Court ruled on June 11 in favour of decriminalising homosexuality, which had been punishable by a jail term of up to seven years.
AFP via Getty
13/50 29 November 2019
A child holds a placard during a ‘drop dead’ flashmob protest against climate change consequences at Lumpini Park in Bangkok, Thailand
Reuters
14/50 28 November 2019
Pro-democracy protesters hold an SOS sign and US national flags during a Thanksgiving rally in Edinburgh Place, Hong Kong. Protesters were thanking US President Donald Trump for signing into a law ‘The Hong Kong Human Rights and Democracy Act Hong Kong’, provoking an angry backlash from the Chinese government. Hong Kong is in its sixth month of mass protests, which were originally triggered by a now withdrawn extradition bill, and have since turned into a wider pro-democracy movement
EPA
15/50 27 November 2019
Rescuers with a dog search through the rubble of a collapsed building after an earthquake in Durres, western Albania
AP
16/50 26 November 2019
A shepherd leads a flock of sheep on a pontoon bridge in Allahabad
AFP via Getty
17/50 25 November 2019
North Korean leader Kim Jong Un inspects a female company belonging to 5492 troops
KCNA via Reuters
18/50 24 November 2019
A protester jumps between burning tires during ongoing anti-government protests in Basra, Iraq
Reuters
19/50 23 November 2019
Fans dressed as Star Wars characters during day three of the first Test between Australia and Pakistan at The Gabba in Australia
Getty
20/50 22 November 2019
Pope Francis speaks with religious leaders during a meeting at the Chulalongkorn University in Bangkok, Thailand
Reuters
21/50 21 November 2019
A girl injured in last night’s attack by the Syrian regime on a camp for displaced people near the Turkish border in Idlib, Syria is held up to the camera
AFP/Getty
22/50 20 November 2019
Indian paramilitary soldiers detain a Congress party supporter during a protest against the withdrawal of Special Protection Group (SPG) cover to party president Sonia Gandhi, her children and former prime minister Manmohan Singh, in New Delh. The move to lift off the SPG security, an elite force that protects prime ministers and their immediate families, led to sharp reactions from the Congress, which accused the government of personal vendetta
AP
23/50 19 November 2019
An image taken from a plane window shows Sydney shrouded in smoke from nearby bush fires
AAP Imagevia Reuters
24/50 18 November 2019
Protesters run for cover after riot police fired tear gas towards the bridge they were climbing down to the road below, to escape from Hong Kong Polytechnic University. Dozens escaped the besieged campus by lowering themselves on a rope from a footbridge to a highway. Once on the road they were seen being picked up by waiting motorcyclists
AFP via Getty
25/50 17 November 2019
Anti-government protesters draped in Iraqi national flags walk into clouds of smoke from burning tires during a demonstration in the southern city of Basra, Iraq
AFP via Getty
26/50 16 November 2019
A protester wearing a yellow jacket waves a French flag in a fountain during a demonstration to mark the first anniversary of the “yellow vests” movement in Nice, France
Reuters
27/50 15 November 2019
A Palestinian protester uses a slingshot to return a tear gas canister fired by Israeli forces amid clashes following a weekly demonstration against the expropriation of Palestinian land by Israel in the village of Kfar Qaddum
AFP via Getty
28/50 14 November 2019
A patient suffering from dengue fever receives medical treatment at an isolation ward at a hospital in Larkana, Pakistan. According to local reports, 26 deaths have been reported out of a total of 10,013 confirmed cases of dengue infection. Dengue fever is reportedly caused by a specific type of mosquito, the Aedes mosquito, that bites only during daytime, especially during sunrise and sunset.
EPA
29/50 13 November 2019
An anti-government protester flashes the V-sign for victory in front of burning tyres used to block a main road at the entrance of Tripoli. The previous night, street protests erupted across Lebanon after President Michel Aoun defended the role of his allies, the Shiite movement Hezbollah, in Lebanon’s government, cutting off several major roads. In his televised address, Aoun proposed a government that includes both technocrats and politicians
AFP via Getty
30/50 12 November 2019
An Israeli missile launching from the Iron Dome defence missile system, designed to intercept and destroy incoming short-range rockets and artillery shells. They were sent up to intercept rockets launched from the nearby Palestinian Gaza Strip. Israel’s military killed a commander for Palestinian militant group Islamic Jihad in a strike on his home, prompting retaliatory rocket fire and fears of a severe escalation in violence
AFP/Getty
31/50 11 November 2019
A species of deer thought to be extinct, the chevrotain, has been spotted for the first time in 30 years in the wilds of Vietnam. The deer is around the size of a domestic cat
SIE/GWC/Leibniz-IZW/NCNP /SWNS.C
32/50 10 November 2019
The royal motorcade of Japanese Emperor Naruhito and Empress Masako, under tight security, passes through a street in Tokyo. Thousands of people gathered for the rare open-top car parade featuring the newly enthroned Emperor
Kyodo News via AP
33/50 9 November 2019
People knock over a mock-up of the former Berlin Wall during a performance prior to the German first division Bundesliga football match Hertha BSC Berlin v RB Leipzig on the 30 anniversary of the fall off the wall
AFP/Getty
34/50 8 November 2019
Flames from an out of control bushfire from a nearby residential area in Harrington, northeast of Sydney. Australian firefighters warned they were in “uncharted territory” as they struggled to contain dozens of out-of-control bushfires across the east of the country
Kelly-ann Oosterbeek/AFP/Getty
35/50 7 November 2019
Demonstrators shine lasers during a protest against Chile’s government in Santiago, the capital
Reuters
36/50 6 November 2019
Activists from India’s main opposition Congress party shout slogans as they are stopped by police during a protest against what the activists say is economic slowdown in the country, in Guwahati, India
Reuters
37/50 5 November 2019
Smoke rises from a fire in downtown Lagos, Nigeria. Firefighters worked hard to try and extinguish a fire at the Balogun market. Thick black smoke and flames shot from the five-story buildings as fire trucks attempted to get access
AP
38/50 4 November 2019
Women run down a sand dune as they take part in the desert trek “Rose Trip Maroc” in the erg Chebbi near Merzouga. It is a female-oriented trek where teams of three must travel through the southern Moroccan Sahara desert with a compass, a map and a topographical reporter
AFP via Getty
39/50 3 November 2019
Riot police descend an escalator inside the City Plaza mall in Hong Kong after a bloody knife fight wounded six people there. A local pro-democracy politician had his ear bitten off during another chaotic day of political unrest in the city
AFP via Getty
40/50 2 November 2019
People participate in the celebration of the ‘muerteadas de Jalapa del Valle’, as part of the Day of the Dead in Mexico
EPA
41/50 1 November 2019
Firefighters work to control flames from a backfire during the Maria fire in Santa Paula, California
AFP via Getty
42/50 31 October 2019
Aurora Borealis, the Northern Lights, over the Vestrahorn mountain in the east of Iceland
PA
43/50 30 October 2019
A model presents a creation at the show Heaven Gaia by Xiong Ying during the China Fashion Week in Beijing. The fashion event runs from 25 October to 2 November
EPA
44/50 29 October 2019
Hindu devotees collect rice as offerings on ‘Annakut’ or ‘Govardhan Puja’ festival at the Madan Mohan temple in Kolkata. People in large numbers gather at the temple to collect the rice offerings in the belief that it will keep them in good health and they’ll never face poverty or scarcity of food
AFP via Getty
45/50 28 October 2019
Authorities investigate after a Port Authority bus was caught in a sinkhole in downtown Pittsburgh, Pennsylvania
AP
46/50 27 October 2019
South Africa players celebrate after beating Wales in their Rugby World Cup semi-final match. The Springboks will face England in next Saturday’s final following fly-half Handre Pollard’s match-winning penalty four minutes from time. The match ended 19-16
Reuters
47/50 26 October 2019
Participants from Thailand pose in front of the Chiang Kai-shek Memorial Hall as they take part in the annual gay pride parade in Taipei. Some two hundred thousand revellers marched through Taipei in a riot of rainbow colours and celebration as Taiwan held its first pride parade since making history in Asia by legalising gay marriage
AFP/Getty
48/50 25 October 2019
A girl enjoys a ball bath as she is being photographed at the made-for-Instagram museum ‘Cali Dreams’ in Dusseldorf, Germany. No artworks are shown in this museum, rather each visitor himself becomes an artwork by staging himself in front of one of the 25 sceneries. Cali Dreams is initially open for three months. After this test phase, however, the museum is planned as a long-term project
EPA
49/50 24 October 2019
A fire lorry speeds towards a rampant wildfire near Geyserville, California
AFP/Getty
50/50 23 October 2019
Protesters facing Lebanese army soldiers wave national flags in the area of Jal al-Dib in the northern outskirts of Beirut. A week of unprecedented street protests against the political class showed no signs of abating, despite the army moving to reopen key roads. Protests were sparked on October 17 by a proposed tax on WhatsApp and other messaging apps
AFP/Getty
Aramco is now worth more than the next five largest oil companies – Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP – combined.
Stock markets in London and New York had been among those fighting to attract Aramco’s listing but Saudi Arabia eventually ended up selling shares only on the Tadawaul, mainly to local investors.
Prior to the sale, concerns about climate change and a high valuation led to weak international demand for the oil giant’s shares.
Environmental groups hailed the news as a potential turning point and a warning to investors about the future of fossil fuel firms. Aramco is responsible for more carbon dioxide emissions than any other company.
The huge deal was forecast to generate $300m (£232m) of fees for banks including JPMorgan Chase, Bank of America, Goldman Sachs, Morgan Stanley, Citigroup, HSBC, and Credit Suisse. Banks now expected to net “just” $90m.
Aramco has been the source of trillions of dollars in wealth for the Saudi royal family since it first struck oil in 1938.
The company, which supplies around a tenth of the world’s crude, was hit by drone attacks on its facilities in September which temporarily wiped out more than half of its output.
Saudi Arabia is currently leading a move to cut oil supplies and keep prices high and boost Aramco’s profits. Saudi energy minister Prince Abdulaziz bin Salman told Reuters last week that he believed Aramco’s true value was higher than the IPO price.
“I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs,” the minister said.
