The Saudi Stock Exchange closed higher today, as state-owned oil giant Aramco shares rose by the maximum of ten percent in its first appearance on the market, while most of the major stock exchanges in the Gulf region also rose.

The shares of Saudi Arabian Oil Company (Aramco) increased to 35.2 riyals ($ 9.39), compared to the initial public offering price of 32 riyals per share. The increase helped the company to approach the two-trillion dollar valuation sought by Saudi Crown Prince Muhammad bin Salman.

And if Aramco shares rose by ten percent tomorrow, too, it will exceed the trillion valuation of a dollar. The company is expected to be included in the MSCI Emerging Markets Index on December 17.

Aramco raised $ 25.6 billion on December 5th through the initial offering. It intends to exercise an additional allocation option of a maximum of 15 percent, in whole or in part, during the first thirty days of trading. If the option is fully exercised, the oil giant may raise $ 29.4 billion from its initial offering.

The main index of the Saudi Stock Exchange advanced 0.8 percent, with Riyad Bank and Al-Rajhi Bank adding 4.5 percent and 0.6 percent, respectively.

On the other hand, the share of Kingdom Holding Company, which is affiliated to Prince Alwaleed bin Talal, jumped 9.9 percent, to become the biggest gainer on the index.

In Dubai, the index increased by one percent, with Emirates NBD rising 3.3 percent and Dubai Islamic Bank rising 0.6 percent.

In a tweet on Twitter, the Dubai government's media office quoted the Department of Economic Development as saying that Dubai's economy will grow 3.2 percent in 2020, accelerating from 2.1 percent in 2019.

The Abu Dhabi stock index rose 0.4 percent at the close, driven by a 0.9 percent increase in Etisalat and a 1.1 percent rise in First Abu Dhabi Bank.

And the Qatar Stock Exchange index closed up 0.2 percent, as the weighted Qatar Industries shares rose 2.2 percent and Commercial Bank increased 1.1 percent.

The Bahrain Stock Exchange index rose 0.4 percent to 1555 points. While the Kuwait Stock Exchange index settled at 6750 points.