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Saudi Arabia’s SABIC Agri-Nutrients Plans to Buy 49% of ETG Inputs Holdco

SABIC Agri-Nutrients said it had signed a binding agreement to acquire a 49% stake in ETG Inputs Holdco LTD. (Reuters)
SABIC Agri-Nutrients said it had signed a binding agreement to acquire a 49% stake in ETG Inputs Holdco LTD. (Reuters)
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Saudi Arabia’s SABIC Agri-Nutrients Plans to Buy 49% of ETG Inputs Holdco

SABIC Agri-Nutrients said it had signed a binding agreement to acquire a 49% stake in ETG Inputs Holdco LTD. (Reuters)
SABIC Agri-Nutrients said it had signed a binding agreement to acquire a 49% stake in ETG Inputs Holdco LTD. (Reuters)

Saudi Arabian fertilizers maker SABIC Agri-Nutrients said on Monday it had signed a binding agreement to acquire a 49% stake in ETG Inputs Holdco LTD.

ETG Inputs Holdco blends and distributes fertilizers, seeds and agro-chemicals directly to farmers and customers in several countries in Africa, according to information on its website.

The transaction is based on an enterprise value of $320 million, and subject to regulatory approvals and other terms and conditions, SABIC Agri-Nutrients said in a regulatory disclosure.

The company said it will finance the acquisition through company's resources, in addition to bank facilities.

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PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer
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PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

The Public Investment Fund (PIF) announced on Monday the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator.

Al Waha, a wholly owned PIF company, will become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy, said PIF in a statement.

Al Waha will develop luxury retail outlets in select locations across the Kingdom and feature a variety of merchandise including unique, high-quality Saudi products. The company will operate its airport outlets on a duty-free basis, and will explore additional travel retail opportunities at land border crossings and seaports, as well as channels such as inflight shopping.

Head of Consumer Goods and Retail in MENA Investments at PIF Majed Al-Assaf said: “By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia.”

“Al Waha will offer a distinctive traveler experience across Saudi travel retail touch points through diverse product offerings, a duty-free operation and a superior digital customer journey,” he added.

There is considerable potential for Saudi Arabia to gain a larger share of travel retail spending in the future, and the continued increase in visitors coming to the country - as well as global events being hosted locally - offer new opportunities to generate sustainable travel retail revenues, he remarked.

PIF is unlocking the capabilities of strategic sectors to diversify the Saudi economy, stressed the statement.