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Aramco Completes Acquisition of Esmax

The transaction represents Aramco’s first downstream retail investment in South America. Photo: Aramco
The transaction represents Aramco’s first downstream retail investment in South America. Photo: Aramco
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Aramco Completes Acquisition of Esmax

The transaction represents Aramco’s first downstream retail investment in South America. Photo: Aramco
The transaction represents Aramco’s first downstream retail investment in South America. Photo: Aramco

Saudi Aramco, one of the world’s top integrated energy and chemicals companies, successfully completed the acquisition of a 100% equity stake in Esmax Distribución SpA, a leading diversified downstream fuels and lubricants retailer in Chile.
Esmax has a national presence that includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.
The transaction, which was first announced in September, represents Aramco’s first downstream retail investment in South America, illustrates the attractiveness of this market, and supports the company’s strategic goal to strengthen its downstream value chain.
“We are delighted to conclude the acquisition of Esmax and look forward to working with the outstanding team on the ground in Chile to achieve our shared ambitions,” said Aramco Executive Vice President of Products & Customers Yasser Mufti.

“Aramco aims to be a primary global retail player and this deal combines our high-quality products and services, including Valvoline lubricants, with the experience and quality of an established operator in Chile,” he added.

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Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA
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Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA

The entertainment sector in Saudi Arabia continues to attract more visitors to achieve the country's target of 150 million visitors annually by 2030.

The General Entertainment Authority announced last Friday that Riyadh Season 2024 has already welcomed over 12 million visitors since its launch on October 13 with a daily average of around 174,000 visitors.

The number of visitors to Riyadh Season 2024 has already exceeded half the total attendance of last year's season, which was 20 million visitors, with a daily average of about 150,000 visitors.

Chairman of the General Entertainment Authority Turki Alalshikh announced during a press conference for Riyadh Season 2024 that this year's edition will include 14 entertainment areas, 11 international tournaments, and 100 exhibitions and festivals.

Saudi Minister of Tourism Ahmed Al-Khatib revealed earlier this year that the country had achieved the goals of Vision 2030 by surpassing 100 million visitors. As a result, Crown Prince Mohammed bin Salman’s new strategy was set to reach 150 million visitors.

In September, the International Monetary Fund (IMF) highlighted Saudi Arabia’s tourism sector as a major contributor to the country’s economic diversification.
An IMF report acknowledged Saudi Arabia’s success in exceeding the Vision 2030 target of attracting 100 million visitors annually by 2023, seven years ahead of schedule. Tourism revenues reached $36 billion in 2023, with net tourism income increasing by 38%. The sector’s direct and indirect contribution to GDP reached 11.5% in 2023, with expectations to grow to 16% by 2034.