PIF Signs Agreement to Invest in Alkhorayef Petroleum

The investment demonstrates PIF’s broader efforts to develop Saudi Arabia’s equipment and service landscape and support the growth of promising private sector companies to further develop the industrial ecosystem and increase export revenues.
The investment demonstrates PIF’s broader efforts to develop Saudi Arabia’s equipment and service landscape and support the growth of promising private sector companies to further develop the industrial ecosystem and increase export revenues.
TT

PIF Signs Agreement to Invest in Alkhorayef Petroleum

The investment demonstrates PIF’s broader efforts to develop Saudi Arabia’s equipment and service landscape and support the growth of promising private sector companies to further develop the industrial ecosystem and increase export revenues.
The investment demonstrates PIF’s broader efforts to develop Saudi Arabia’s equipment and service landscape and support the growth of promising private sector companies to further develop the industrial ecosystem and increase export revenues.

Saudi Arabia’s Public Investment Fund (PIF) announced on Monday the signing of a share subscription agreement to invest in Alkhorayef Petroleum, from Alkhorayef Group, by way of a capital increase and subscription to new shares amounting to a 25% shareholding in the company. Alkhorayef Group, the parent company and current shareholder of Alkhorayef Petroleum, will retain a 75% stake.

This investment demonstrates PIF’s broader efforts to develop Saudi Arabia’s equipment and service landscape and support the growth of promising private sector companies to further develop the industrial ecosystem and increase export revenues.

Alkhorayef Petroleum is the leading Saudi-based provider and manufacturer of oil and gas production optimization solutions, specializing in artificial lift, wireline services and equipment, as well as early production facilities.

The company is also the only Gulf-based manufacturer of electric submersible pumps; equipment critical to oil and gas production. It has achieved a diversified revenue base and a successful operational track record in 13 countries across the Gulf Cooperation Council countries, as well as in Africa and Latin America.

PIF’s investment will enable Alkhorayef Petroleum, a private sector company, to be better positioned to realize its full potential by leveraging its extensive technical and commercial capabilities. It will also strengthen its position in the energy services industry and create long-term value for shareholders. The agreement will further improve supply chains in the energy services sector in Saudi Arabia.

Head of Industrials and Mining sector in MENA Investments at PIF Mohammad Aldawood said: "This transaction forms part of PIF’s broader efforts to deepen the manufacturing sector in Saudi Arabia and represents a milestone in strengthening the regional industrial ecosystem."

"This investment is expected to enable Alkhorayef Petroleum’s growth strategy in local and international markets, and further expand its manufacturing output while also focusing on innovative R&D in high-growth areas," he added.

"Our investment aligns with PIF’s domestic strategy to develop key sectors and work alongside strategic economic partners in the private sector to support the delivery of Vision 2030," he stressed.

Chairman of Alkhorayef Petroleum and Alkhorayef Group Saad Alkhorayef said: "This investment is a recognition of our achievements in the Middle East as well as across Africa and Latin America, and the strategic role Alkhorayef Petroleum plays in supporting the oil and gas sector in Saudi Arabia and other regions."

"The investment with PIF is a major milestone in our journey and will allow the company to strengthen its position as a leading oilfield services company and preferred long-term partner to our customers worldwide. We firmly believe that the company can become one of the world’s leading oilfield services companies, and this investment further reinforces our ambition and determination," he stated.

The completion of the agreement is subject to certain customary approvals from the relevant authorities and satisfaction of certain conditions in the transaction agreements.



Saudi Arabia Inks Mining Agreements with Several Govts at Fourth Future Minerals Forum

The Saudi Ministry of Industry and Mineral Resources signed a series of MoUs and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum. (SPA)
The Saudi Ministry of Industry and Mineral Resources signed a series of MoUs and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum. (SPA)
TT

Saudi Arabia Inks Mining Agreements with Several Govts at Fourth Future Minerals Forum

The Saudi Ministry of Industry and Mineral Resources signed a series of MoUs and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum. (SPA)
The Saudi Ministry of Industry and Mineral Resources signed a series of MoUs and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum. (SPA)

The Saudi Ministry of Industry and Mineral Resources signed on Tuesday a series of memoranda of understanding (MoUs) and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum.

The meeting marked a significant step in advancing international partnerships and fostering the development of the Kingdom's mining and minerals sector.

The agreements were signed by Minister of Industry and Mineral Resources Bandar Alkhorayef, and Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al-Mudaifer.

The counterpart signatories included the minister of energy and natural resources from Djibouti, the minister of energy and mineral resources from Jordan, the secretary of state for business and trade from the United Kingdom, and the minister of mines and mineral development from Zambia.

Additional agreements were signed with the Ministry of Finance of Austria and the Ministry of the Economy, Finance and Industrial and Digital Sovereignty of France.