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Saudi TAQA Acquires AZR Technologies

Saudi TAQA Acquires AZR Technologies
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Saudi TAQA Acquires AZR Technologies

Saudi TAQA Acquires AZR Technologies

Saudi Arabia's Industrialization and Energy Services Company (TAQA) announced on Thursday that it would acquire AZR Technologies, a Dhahran-based Electric Wireline Well Logging Company.

The transaction is part of TAQA's strategy to expand its Oilfield Services capabilities in the Middle East and North Africa region.

By acquiring AZR Technologies, TAQA Oilfield Services and Equipment (TAQA-OFSE) (a subsidiary of TAQA) will deliver petrophysical, reservoir, and geological data critical to well performance and reservoir evaluation in both rig and rigless operations. It will also expand its intervention capabilities by offering bundled wireline services and coiled tubing conveyance for well diagnostics, repair, and remediation solutions.

This strategic acquisition of AZR Technologies will allow TAQA OFSE access to the Electric Wireline well logging market that is valued at more than 1.5B SAR per year in the Kingdom of Saudi Arabia.

Commenting on the acquisition, Jamil Al-Naser EVP Operations of TAQA, said the acquisition meets the company's corporate strategy and is fully aligned with the Kingdom's Vision 2030.

Al- Naser added: "Our relationship with AZR started as a local supplier of Electric Wireline to our Coiled Tubing operations, driven by the Saudi Aramco IKTVA program and TAQA's commitment to national suppliers' development. We decided to further expand the relationship and aggressively invest in AZR to develop a world-class Electric Wireline company capable of delivering state of the art petrophysical, reservoir, and geological quality data to our customers. With AZR acquisition and aggressive investment plan, we will continue to focus on creating, sustaining, and realizing value across our entire portfolio. Our investment plans are open to identify and pursue profitable growth opportunities bringing differentiation to our customers and utmost shareholders' value."

The acquisition is expected to close in the next six weeks, after which AZR will start full integration into TAQA-OFSE operations benefiting from further synergies and a more robust support structure.

Established in 2003, TAQA is collectively owned by the Kingdom's Public Investment Fund (PIF) and a host of prominent Saudi joint-stock companies and institutional investors. The company has a rich portfolio of fully-owned companies, subsidiaries, and affiliates established in joint ventures with global leaders across several oilfield equipment and services markets focusing on four core businesses: Contract drilling, Oil Country Tubular Goods (OCTG) manufacturing, geophysical mapping, and TAQA's wholly-owned Oilfield Services and Equipment.

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Makkah Markets Open their Doors as Pilgrims Prepare to Depart

Al-Aziziyah markets are surrounded by pilgrims’ hotels from all directions (SPA)
Al-Aziziyah markets are surrounded by pilgrims’ hotels from all directions (SPA)
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Makkah Markets Open their Doors as Pilgrims Prepare to Depart

Al-Aziziyah markets are surrounded by pilgrims’ hotels from all directions (SPA)
Al-Aziziyah markets are surrounded by pilgrims’ hotels from all directions (SPA)

As pilgrims near the completion of their Hajj rituals, many have begun spending their remaining time visiting Makkah’s renowned markets.

Major shopping centers and popular marketplaces are preparing to receive large crowds of pilgrims from around the world. With their departure approaching, many are eager to buy gifts and keepsakes for their families and friends, items that serve as tangible memories of their time in the holy city.

Asharq Al-Awsat took a tour through the markets of the Al-Aziziyah neighborhood, a central area situated between the holy sites and the Grand Mosque. Its prime location makes it a preferred hub for Hajj groups and delegations, which has resulted in crowded markets and bustling currency exchange offices.

Ahmed Al-Jaafari, a shopkeeper in one of Al-Aziziyah’s stores, welcomed his customers with warmth and hospitality. He shared that the most sought-after souvenirs include prayer beads (subha), prayer rugs, miniature models of holy landmarks, decorative engravings, gold jewelry, rings, dates, Qurans with translations, and locally made perfumes.

Hajj Muwafaq Mohammed, dressed in traditional attire from southern Baghdad, told Asharq Al-Awsat that he made a point of visiting the markets early to buy useful items and meaningful keepsakes.

“I’ve traveled to many countries and always explore local markets,” he said, “but in Makkah, I’m especially captivated by each item and souvenir, as they carry the scent and soul of this sacred place.”

At a currency exchange center on Al-Aziziyah Street, lined with hotels accommodating pilgrims from across the globe, long queues formed as visitors in colorful traditional clothing exchanged their foreign currencies for Saudi riyals. The scene reflected the cultural diversity of the global Muslim community and the excitement of those preparing for a final shopping experience before departing.

Currency exchange offices throughout Makkah are seeing a steady stream of visitors, many coming from nearby hotels and accommodations.

Ayman Al-Mohammedi, an employee at one of the Al-Aziziyah exchange centers, explained that they are equipped to handle over 60 foreign currencies. “Pilgrims arrive with money from their home countries and look to exchange it for Saudi riyals,” he said. “The Hajj season significantly boosts activity in the currency exchange sector.”

He added that Makkah’s currency exchange centers increased their preparedness well in advance of the Hajj season, enhancing their capacity to provide efficient services for buying, selling, and trading foreign currencies across the city.