Saudi TAQA Aims to Quadruple its Investments Within 3 Years

Technicians at a site affiliated with the Saudi TAQA company. (TAQA)
Technicians at a site affiliated with the Saudi TAQA company. (TAQA)
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Saudi TAQA Aims to Quadruple its Investments Within 3 Years

Technicians at a site affiliated with the Saudi TAQA company. (TAQA)
Technicians at a site affiliated with the Saudi TAQA company. (TAQA)

The Saudi Industrialization and Energy Services Company (TAQA) investments will increase fourfold within three years, starting in 2023, to strengthen the company's presence in the oil services sector.

TAQA is present in 15 countries and provides oil well services through advanced technology, supporting innovation and establishing lasting partnerships with stakeholders.

According to the company's website, TAQA Well Services is the growth engine of TAQA and is in charge of delivering well services across all service lines and geographies within the MENAT region.

Executive Vice President of Well Solutions at TAQA Aamir Naseem explained that the value of the investments allocated until the end of 2026 is to match the company's ambitions to expand in Africa, describing it as a "promising market" in the oil sector.

During an exclusive interview with Asharq Al-Awsat via Zoom, Naseem did not disclose the size of the investments.

Nassim added in the interview with Dhahran that Egypt will be the center for launching the company's operations in Africa through a new headquarters.

The official said that TAQA is constantly exploring new investments, and truly promising opportunities characterize African markets.

"Egypt will be an important part of facilitating our entry into these markets based on the Egyptian-African and Egyptian-Arab agreements, which facilitates and supports the company's work there."

In January 2023, TAQA announced that it completed its 100% acquisition of al-Mansoori Petroleum Services in Egypt to expand the company's business in the field of well services globally.

The combined businesses employ over 5,500 employees, serving a broad and diverse customer base across 20 countries.

The acquisition was funded by a capital increase led by TAQA's existing significant shareholders, led by Saudi Arabia’s Public Investment Fund (PIF), which owns 54% of TAQA.

PIF's investment portfolio stated that it has assigned TAQA the task of achieving leadership in localizing industries, providing specialized equipment, and providing oil well services to explore and develop oil and gas resources in Saudi Arabia and the rest of the MENA region.

The Fund explained that based on the long history established by the first two companies affiliated with TAQA, namely Arab Drilling Company and Arab Geophysics and Surveying Company, TAQA is currently moving towards expanding its oil well services and equipment through various approaches.

The investments vary between purchasing a share and acquiring international companies specializing in oil well services and equipment technology.

The company's proximity to the largest oil reserves and its strong international partnership with the largest oil and gas producers gives it a unique position that qualifies it to achieve the maximum possible value and generate the highest return on these investments.

During the interview, Nasseem explained that Egypt is one of TAQA's strategic countries, which will acquire many of the company's future investments during the next two years.

Established in Saudi Arabia in 2003, TAQA provides products and solutions to the energy industry, enabling the performance of its customers.

It is a Saudi joint stock company with regional offices in Dhahran, Saudi Arabia, and Abu Dhabi in the United Arab Emirates.

Regarding the opportunities for offering on the "Egypt Stock Exchange" to increase the shareholder base, in light of reports indicating that TAQA will be listed on the Saudi "Tadawul" Stock Exchange, Nasseem explained that this will be determined in light of the success of the company's strategy that began last year until the end of 2026.

The Board of Directors will determine the most appropriate way to increase the shareholder base.

Egypt intends to offer petroleum companies as part of a program to sell state assets or exit from government companies, and TAQA doesn't have any current plans to participate in this program, said Nasseem.

Investment opportunities in Africa

The African market has promising opportunities in the energy sector, and TAQA is working hard to meet this demand, said Nasseem, specifically referring to Libya, Algeria, Tanzania, Kenya, Uganda, and Mozambique.

Regarding his estimate of the size of operations in the African market, he pointed to the routes that start from Egypt in terms of infrastructure qualified for more shipping in North and East Africa.

The official added that TAQA is working to reduce pressures in the oil sector in the African countries, which are considered developing countries, by providing its various services in well fields and investing in them through Egypt.

He said the company has a large number of operations in Arab countries.

"Our activity is in the Middle East, North and East Africa, Türkiye, Bangladesh, India, and Pakistan, in addition to the company's main activity in Saudi Arabia, Kuwait, Oman, the Emirates, and Iraq."

"The Middle East is the hub of global oil power and production. It is an important place in terms of production and infrastructure for the sector, which qualifies it for growth in business volume."

Renewable energy

Nasseem said TAQA works in thermal energy, a clean energy sector, in parallel with the expansion of technologies that reduce the impact of the carbon footprint in the management of drilling oil wells.

He explained that most global expectations indicate that 2050 the global population will increase by two billion, which would undoubtedly require energy sources.

Oil and gas will undoubtedly represent a significant part of the energy sources, given the size of the growth in renewable energy, noted Nasseem, indicating that Southeast Asia and China, in particular, will lead this growth.

The expert explained that the world's need for oil will necessarily grow, and it will also be matched by growth in renewable energy sources, but it will not cover all the global energy demands.

However, he referred to the technological development, which TAQA uses on a large scale, to reduce carbon emissions from traditional energy sources, "which will enhance the demand for it during the coming period."

Regarding the difference in demand rates for the energy sector, Nasseem indicated that traditional and renewable energy sectors will grow in parallel during the next two decades until 2050.

He explained that energy sources must have three elements so the world could rely on them: reliability, cost level, and sustainability, which would help determine how the sector will look until 2050.

The demand for oil and gas will represent about 52% of the volume of global energy demand until 2050, down from 54%, and coal will represent 16%, down from 27%. Renewable energy, including solar and wind power, will reach 12%.

Nasseem stressed that renewable energy will not satisfy the demand for the global energy sector alone.

"Renewable energy must not replace traditional energy," he said, pointing to the severe repercussions for global energy security.

EGYPES 2024

TAQA is scheduled to participate in the Egypt Energy Show (EGYPES) 2024, held in Cairo between Feb. 19 and 21, as part of the company's strategy to provide new technologies in the Egyptian energy sector.

Meanwhile, Deputy Executive Director of TAQA in Egypt Hussam Abu Seif stated that the company views EGYPES 2024 as a crucial opportunity.

Abu Seif explained that EGYPES 2024 serves as a platform where major industry players can engage in constructive discussions with government bodies and the Ministry of Petroleum regarding energy security, investments in oil and gas, and guidance toward a sustainable future characterized by low carbon rates and reduced emissions.

"Our company is committed to achieving growth in the Egyptian market, leveraging its position as a hub to serve neighboring countries in Africa," he said.

The official asserted that TAQA aims to fortify its position and broaden its services to customers in the Gulf, the Middle East, and Africa.



Gulf States Expand Tourism Footprint as Emerging Markets Gain Momentum at Arabian Travel Market in Dubai

Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
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Gulf States Expand Tourism Footprint as Emerging Markets Gain Momentum at Arabian Travel Market in Dubai

Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 

Emerging tourism markets are carving out space on the global travel map, drawing attention for their dynamic participation at the Arabian Travel Market (ATM) in Dubai, while Gulf nations—particularly Saudi Arabia and the United Arab Emirates—are accelerating their expansion in the tourism sector.

As global travel gathers momentum, Gulf-based airlines are eyeing new investment opportunities despite lingering global economic uncertainty, driven by shifting trade patterns and evolving consumer behavior in the international travel landscape.

The 32nd edition of ATM opened in Dubai with more than 2,800 exhibitors and nearly 55,000 industry professionals from 166 countries. Held under the theme “Empowering Innovation: Transforming Travel Through Entrepreneurship,” the event emphasized building a more sustainable and globally integrated travel industry.

The exhibition reflects the profound changes shaping global tourism, with cross-border and sustainable connectivity now central to the industry’s development. It also highlights the growing influence of emerging markets and the increasing role of Gulf investments in tourism and aviation.

During its participation in ATM, the Saudi Tourism Authority showcased the Kingdom’s accelerating tourism growth, revealing it had attracted approximately 116 million visitors in 2024—a 6.4% increase from the previous year. Fahd Hamidaddin, the authority’s CEO, said Saudi Arabia aims to strengthen its position as a unique summer destination through a robust calendar of events and strategic private-sector partnerships. The focus is on key source markets across the Middle East, Asia, and Africa.

UAE Tourism Supports Economic Diversification

UAE Minister of Economy and Chairman of the Emirates Tourism Council, Abdulla bin Touq Al Marri, emphasized the country’s growing stature as a global tourism hub. He pointed to the launch of major national initiatives that align with best international practices, support economic diversification, and attract investment in hospitality, aviation, and travel.

According to bin Touq, the UAE’s tourism sector continued to deliver strong performance in 2024. Hotel revenues rose to AED 45 billion (USD 12.2 billion), up 3% from 2023, while occupancy rates reached 78%, among the highest globally. The country added 16 new hotels last year, increasing the total to 1,251, with room capacity growing 3%. Hotel guests rose 9.5% year-on-year to 30.8 million, achieving 77% of the UAE’s 2031 national tourism target seven years ahead of schedule.

Gulf Airlines Gear Up for Growth

Etihad Airways CEO Antonoaldo Neves said the airline has yet to feel any major impact from global trade tensions, with seat occupancy remaining strong despite global uncertainty. Etihad plans to add 20 to 22 aircraft in 2025, with the goal of expanding its fleet to more than 170 aircraft by 2030. Neves also noted that the euro’s recent appreciation could boost European travel to the Gulf.

Etihad, which currently operates a fleet of around 100 aircraft, has significant financial flexibility, with 60% of its fleet debt-free. “If a crisis arises, we can ground planes and save up to 75% of operating costs,” he noted.

The airline plans to receive 10 Airbus A321XLR jets starting in August, in addition to 6 Airbus A350s and 4 Boeing 787s. Neves said while delays in aircraft delivery remain a challenge, they have not altered Etihad’s growth strategy. He also confirmed ongoing discussions with manufacturers and signaled interest in Boeing aircraft originally designated for China but now potentially available due to trade restrictions.

Riyadh Air Nears Major Aircraft Deal

Tony Douglas, CEO of Saudi Arabia’s Riyadh Air, said the new airline is open to acquiring Boeing jets initially built for the Chinese market if trade disputes disrupt those deliveries.

Douglas said global economic headwinds have not affected demand and announced plans to finalize a major widebody aircraft deal soon. The airline aims to expand its workforce to around 1,000 employees in the coming year, as it prepares to begin operations in the fourth quarter of 2025.

Commenting on broader regional developments, Douglas said the resumption of flights from the UAE to Syria and the use of Syrian airspace “may be an early sign that conditions are improving.”