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Saudi Arabia Inches Closer to Privatizing Flour Milling Sector

Saudi Arabia inches closer to privatizing flour milling sector. (Asharq Al-Awsat)
Saudi Arabia inches closer to privatizing flour milling sector. (Asharq Al-Awsat)
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Saudi Arabia Inches Closer to Privatizing Flour Milling Sector

Saudi Arabia inches closer to privatizing flour milling sector. (Asharq Al-Awsat)
Saudi Arabia inches closer to privatizing flour milling sector. (Asharq Al-Awsat)

Saudi flour mills are only a few steps away from the privatization process after fulfilling investor requirements, while still preserving the characteristics of their sector.

The Saudi Grain Organization (SAGO) and HSBC Saudi Arabia underlined recent updates in the privatization process to prepare flour milling companies for their potential investors.

The SAGO stated that it had audited the financial statements for the fiscal year 2017 for each of the flour milling companies that will be available to qualified investors.

The qualification phase will be launched on June 28. The stage of qualifying investors, whether companies or alliances, precedes the potential sale process.

Saudi flour mills are an opportunity to invest in one of the largest flour markets in the Middle East and North Africa, boasting attractive growth rates and opportunities to the private sector.

The flour mills sector is one of the sectors that are being fully privatized according to Saudi Vision 2030.

The Privatization Program in the Kingdom has recently become a major gateway to a new phase of diversifying the economy and increasing the efficiency of the private sector.

The Program also seeks to improve the performance of the national economy and services, making them available to as many people as possible. This will increase employment opportunities and attract the latest technologies and innovations.

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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)

Aramco, one of the world's leading integrated energy and chemicals companies, through a directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd., has completed the purchase of a 10% equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions.

The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
The transaction's completion follows the signing of definitive agreements on June 28, 2024, and receipt of all applicable regulatory approvals. Aramco's investment is based on Horse Powertrain's €7.4-billion enterprise valuation, in which Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% stake, SPA reported.
Aramco Executive Vice President of Technology & Innovation Ahmad O. Al Khowaiter said: "Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries. At Aramco, we are pursuing several potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference. Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world's leading carmakers, we aim to leverage our collective know-how to take lower-emission mobility solutions forward."
For his part, CEO of Horse Powertrain Matias Giannini said: "We are delighted that Aramco has closed its investment in Horse Powertrain. Aramco's expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions. By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint."

CEO of Valvoline Global Operations Jamal Muashsher said that as a technical partner and supplier to Horse Powertrain, "we look forward to applying Valvoline Global's 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants. Our newest joint effort with Horse Powertrain and Aramco builds on Valvoline Global's strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility."

Aramco's investment is expected to accelerate Horse Powertrain's efforts to develop next-generation internal combustion engines (ICE), hybrid powertrains, and complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants.
Thanks to its technology leadership, global manufacturing, and economies of scale, Horse Powertrain will further solidify its value proposition to automotive and transportation groups worldwide. Horse Powertrain aims to become a peerless partner for accessible, cutting-edge hybrid and ICE powertrain solutions, helping to reduce global vehicle emissions.