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ADNOC Distribution Reaffirms Commitment to Saudi Arabia by Opening New Station

ADNOC Distribution Reaffirms Commitment to Saudi Arabia by Opening New Station
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ADNOC Distribution Reaffirms Commitment to Saudi Arabia by Opening New Station

ADNOC Distribution Reaffirms Commitment to Saudi Arabia by Opening New Station

ADNOC Distribution, the UAE’s largest fuel and convenience retailer, has announced the opening of its latest ADNOC service station in the Saudi Arabia.

The station would be the first to fully showcase the company’s modern fuel and retail convenience offering with an integrated ADNOC Oasis store, car wash and lube change.

During H1 2021, the company received no objection certificates from the Saudi General Authority for Competition (GAC) to acquire 35 stations in the Kingdom, deals which were previously announced in December 2020 and February 2021.

ADNOC Distribution plans to open more ADNOC service stations in Saudi Arabia in 2021, in accordance with its smart growth strategy locally and internationally.

The new station is the first in the Kingdom to be fully constructed and operated by ADNOC Distribution, bringing its modern fuel and retail convenience to customers and communities in Saudi Arabia.

It will offer fuel and non-fuel retail, with car wash and lube change located onsite, as well as the first signature ADNOC Oasis store in KSA, offering a wide selection of products and a range of fresh food and hot and cold made-to-order beverages.

“We reaffirmed out commitment to Saudi Arabia through the intention to expand our presence both through acquisition and organic growth,” said Eng Bader Saeed al-Lamki, CEO of ADNOC Distribution.

“Having first opened in the Kingdom in 2018, this continued expansion is an integral part of our company’s overarching strategic growth plans,” he added, noting that the company looks forward to more openings in 2022.

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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.