Arab News, Saturday, Jan 2, 2021 | Jamadi Al Awwal 19, 1442
UAE’s ADNOC Distribution plans $10m deal for 15 Saudi service stations
Emirates: Abu Dhabi’s ADNOC Distribution announced on
Thursday that it plans to acquire 15 service stations in the eastern region of
Saudi Arabia.
The deal is valued at 36.7 million dirhams ($10 million) and is subject to
regulatory approval, WAM, the UAE state news agency, said.
“Expanding our presence in Saudi Arabia is an important milestone for our
company and part of our profitable growth strategy. We see this expansion as a
natural progression and look forward to significantly increasing our presence in
the coming years. This is the first announcement of many we intend to make, with
Saudi being a key strategic market for us,” Ahmed Al-Shamsi, acting CEO of ADNOC
Distribution, was quoted as saying.
ADNOC Distribution opened its first service station in Saudi Arabia in December
2018, on the Riyadh-Dammam highway. It was followed shortly after by another in
the city of Hofuf.
“Saudi Arabia is the largest market in the GCC and there is huge potential for
experienced fuel operators like us to consolidate the market and capture further
growth,” Al-Shamsi added. “We are currently in discussions on a range of
opportunities to further build on our network in the country.”