The economy of the Kingdom of Saudi Arabia is largely dependent on oil. As such, the Eastern Province, being the province with most of Saudi Arabia's oil reserves enjoys a high economic position. Saudi Aramco, the state-owned oil company of Saudi Arabia and an organization of major significance in the petroleum industry, is based in Dhahran in Greater Dammam. It became the fifth company in the world to reach a market capitalization of $1 trillion ($1,000,000,000,000) on December 11, 2019. After going public the same day in what is considered the largest public offering ever as of December 2019, the next day, on December 12, 2019, the company reached a market cap of $2 trillion, becoming the first and only company in the world to break the record.