Saudi TAQA Completes Acquiring 100% of Mansoori Petroleum Services

TAQA intends to expand well services worldwide (Asharq Al-Awsat)
TAQA intends to expand well services worldwide (Asharq Al-Awsat)
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Saudi TAQA Completes Acquiring 100% of Mansoori Petroleum Services

TAQA intends to expand well services worldwide (Asharq Al-Awsat)
TAQA intends to expand well services worldwide (Asharq Al-Awsat)

The Industrialization and Energy Service Company (TAQA) announced the closure of its 100 percent acquisition of al-Mansoori Petroleum Services, expanding TAQA Well Solutions business internationally.

The acquisition is funded by a capital increase led by TAQA's existing significant shareholders.

The investment brings to TAQA a long-established, well-diversified MENA-based business with a track record of solid performance and longstanding relationships with large Oil & Gas companies in the region.

The combined businesses employ over 5,500 employees, serving a broad and diverse customer base across 20 countries, creating a regional and global integrated Well Solutions business headquartered in Dhahran, Saudi Arabia.

TAQA's Chairman of the Board, Ahmed al-Zahrani, thanked TAQA Shareholders for their trust in TAQA and their commitment to support TAQA's growth journey and progressive plans aligned with Vision 2030.

CEO of TAQA Khalid Nouh asserted that the company is better positioned to continue its journey into profitable growth through the unique opportunity to build upon its combined portfolio, strong business acumen, recognized brand, and quality products and services.

Nouh stated that the focus remains to provide exceptional products and services to the customers while creating the highest value for the shareholders and people.

Established in Saudi Arabia in 2003, TAQA is a Well Solutions company that provides products and services to the energy industry, enabling the performance of its customers.

According to information released, TAQA will continue developing new technologies and solutions that deliver returns and create value for our customers and people.

Last year, TAQA concluded a definitive agreement to acquire Mansoori fully, expanding its Well Services business from Saudi Arabia to the broader Middle East and North Africa region.

Mansoori added complementary products and services to TAQA's portfolio, including early production facilities, well testing, drill stem testing, slickline, marine stimulation vessels, multi-purpose service vessels, inspection services, hydrogen sulfide monitoring and logging, and perforation.



China’s Economy Lags in July Under Pressure from Tariffs and a Weak Property Market

People ride scooters on a street in Beijing, China, 13 August 2025. (EPA)
People ride scooters on a street in Beijing, China, 13 August 2025. (EPA)
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China’s Economy Lags in July Under Pressure from Tariffs and a Weak Property Market

People ride scooters on a street in Beijing, China, 13 August 2025. (EPA)
People ride scooters on a street in Beijing, China, 13 August 2025. (EPA)

China's economy showed signs of slowing in July as factory output and retail sales slowed and housing prices dropped further, according to data released Friday.

Uncertainty over tariffs on exports to the United States is still looming over the world's second-largest economy after President Donald Trump extended a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May.

As officials worked toward a broader trade agreement, China reported earlier that its exports surged 7.2% in July year-on-year, while its imports grew at the fastest pace in a year, as businesses rushed to take advantage of the truce in Trump's trade war with Beijing.

But that also reflected a lower base for comparison, and manufacturers have slowed investments, hiring and production as they watch to see what comes. Chinese manufacturers also have ramped up shipments to Southeast Asia, Africa and other regions to help offset lost business in the US.

Still, annual growth in industrial output fell to 5.7% in July from 6.8% in June, the National Bureau of Statistics said.

Investments in factory equipment and other fixed assets rose a meager 1.6% in January-July, compared with 2.8% growth in the first half of the year.

Property investments plunged 12% in the first seven months of the year, with residential housing investment dropping nearly 11%.

Prices for newly built housing in major cities fell 1.1%, as a prolonged downturn in the property industry lingered.

The meltdown in the housing market hit just as the COVID -19 pandemic began, sapping one of the economy's main drivers of growth and causing dozens of developers to default on their debts.

The crisis rippled throughout the economy, destroying jobs for millions of people.

The government has sought to ensure that most housing that was paid for gets built, but sales remain weak despite a series of moves meant to entice families into back into the market.

Since most Chinese families have their wealth tied up in property, the anemic housing market has been a major factor crimping consumer spending. In July, retail sales rose 3.7%, the slowest rate in seven months and down from a 4.8% increase in June.

The unemployment rate rose to 5.2% from 5% as university graduates began looking for work.

While consumer prices rose 0.4% in July from the month before, prices at the wholesale level slipped 3.6% from a year earlier in another indicator of relatively weak demand.