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Saudi TAQA Unveils $1.2Bn Expansion Program

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US, August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US, August 22, 2018. (Reuters)
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Saudi TAQA Unveils $1.2Bn Expansion Program

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US, August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US, August 22, 2018. (Reuters)

Saudi Arabia's Industrialization and Energy Services Company (TAQA) announced Monday its plan to start new investments and acquisitions, worth SAR4.5 billion ($1.2 billion), over the next three years.

The announcement was made on the sidelines of its participation in the Offshore Technology Conference (OTC) in Texas as part of the company’s 2021 strategy to become a leading oilfield services and equipment (OFSE) provider.

TAQA seeks to build up its capabilities and footprint in oilfield services, equipment manufacturing and new technologies across the wider MENA region and North America.

“TAQA's planned investments in North America complement our Middle East expansion ambitions and are a key component of our 2021 strategy, which aims to deliver the best, most advanced integrated oilfield services and manufacturing solutions to our clients,” said CEO of TAQA Azzam Shalabi.

“We are actively seeking to tap into the latest technology and manufacturing practices in this market, especially in the unconventional resources space, where we see significant growth opportunities,” he added.

“These new offerings and expertise will be brought back to our clients in the Middle East region to ensure they get access to world-class, high quality services.”

TAQA’s expansion program includes acquiring two companies in the North American oilfield services technology and manufacturing sectors by the end of the year.

These acquisitions would add specific new technologies and manufacturing capabilities to its existing integrated OFSE offering.

It is also reviewing a number of further investment and acquisition opportunities in the wider Middle East region as part of its goal to become a leading regional player.

TAQA provided further details on its 2021 strategic transformation plan, which has been underway since 2017, when it acquired Canadian well services company, Sanjel.

Since then, it has invested in a 50,000-horsepower FRAC fleet that will be commissioned and fully operational later this year and expanded its drilling subsidiary, the Arabian Drilling Company (ADC), with the commissioning of an additional 16 onshore rigs in 2018.

Economist Abdulrahman al-Atta told Asharq Al-Awsat these acquisitions will enhance production and services, increase financial capacity, efficiency and competitiveness and help secure financing from international banking institutions.

He noted that the expansion of activity, market acquisition, increased competitiveness and profit to entice investors in the field of energy technology provide new opportunities to enable SMEs to grow beyond some of the problems they face.

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Business

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports
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Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

The Saudi Ports Authority (Mawani) signed on Tuesday three memoranda of understanding (MoUs) with major international shipping lines: MSC, Maersk, and CMA CGM.

The agreements were signed on the sidelines of the Made in Saudi Expo 2025 and in partnership with the Saudi Export Development Authority (Saudi Exports).

The memoranda aim to support national exports and Saudi exporters by boosting access to global markets through an integrated logistics services ecosystem that connects the Kingdom’s ports with international destinations via leading global shipping lines.

The initiative provides exporters with broader opportunities for expansion and growth, while reinforcing international confidence in the quality of Saudi products by ensuring fast, efficient, and reliable delivery.

The MoUs establish a strategic framework for cooperation among the signatories to deliver innovative and integrated logistics solutions, facilitate the export of Saudi products, and boost the availability of empty containers at the Kingdom’s ports to ensure sufficient inventory levels that meet exporters’ needs.

They aim to expand joint initiatives that contribute to increasing Saudi exports in line with the goals of Saudi Vision 2030. This includes organizing workshops, conferences, and exhibitions to raise awareness, bolster exporters’ capabilities, measure satisfaction with logistics services, and promote national exports globally.

The MoUs seek to improve Saudi exporters’ access to new markets by providing advanced and efficient logistics solutions through Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port, alongside efforts to further automate port operations.

Business

Saudi Arabia, Syria Discuss Industrial Investment Partnerships

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
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Saudi Arabia, Syria Discuss Industrial Investment Partnerships

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks in Riyadh on Tuesday with Syrian Minister of Economy and Industry Nedal Al-Shaar on ways to strengthen economic relations and develop industrial investment partnerships between their countries.

Alkhorayef praised Syria’s participation as Guest of Honor in the third edition of the Made in Saudi Expo, noting that this reflects the depth of fraternal relations and the shared economic ties between the two countries.

The officials discussed aspects of industrial cooperation and the opportunities for Syria to benefit from the Kingdom’s expertise and successful experience in developing its industrial sector.

They addressed prominent export opportunities that can support trade growth, strengthen industrial and economic integration between Saudi Arabia and Syria, and advance their developmental goals and shared interests.

Separately, Alkhorayef revealed that the Kingdom’s non-oil exports reached SAR307 billion in the first half of this year, marking the highest semiannual growth on record. 

He made the announcement during his participation in a dialogue session with Al-Shaar on the sidelines of the Made in Saudi Expo 2025. 

Alkhorayef explained that Saudi Vision 2030, through its initiatives, has driven record performance and sustained growth in non-oil exports over the past few years by unlocking national industrial capabilities, boosting the quality of Saudi products, and expanding their access to global markets. 

He highlighted opportunities for cooperation between Saudi Arabia and Syria in developing industrial cities, enabling Damascus to benefit from the Kingdom’s successful experience in export development and local content support, thereby contributing to its economic growth. 

Alkhorayef underlined the level of efficiency, skill, and craftsmanship demonstrated by Syrian investors in the Kingdom’s industrial sector, hoping that the industrial sector would become a key pillar of Syria’s economic advancement. 

He also addressed trade development between the two countries, noting that Saudi non-oil exports to Syria totaled SAR1.2 billion in the first nine months of 2025. 

Business

Saudi Inflation Slows to Nine-Month Low in November

 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
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Saudi Inflation Slows to Nine-Month Low in November

 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 

Saudi Arabia’s annual inflation rate slowed to 1.9 percent in November 2025, its lowest level in nine months, down from 2.2 percent in October, driven by easing housing costs and lower prices for food and beverages.

On a monthly basis, inflation remained broadly stable, edging up 0.1 percent compared with October.

According to data released on Monday by the Saudi General Authority for Statistics (GASTAT), the housing, water, electricity, gas and other fuels category rose 4.3 percent year on year in November, down from 4.5 percent in October. Within that category, actual housing rents increased 5.4 percent, slowing from 5.7 percent a month earlier.

Prices in the food and beverages category rose 1.3 percent, reflecting a 1.6 percent increase in the prices of fresh, chilled and frozen meat. The transport category climbed 1.5 percent, driven by a 6.4 percent rise in passenger transport services.

The personal care, social protection and miscellaneous goods and services category recorded the largest annual increase, up 6.6 percent, supported by a 19.9 percent surge in prices of other personal products, influenced by a 21.6 percent rise in jewelry and watch prices.

Prices for insurance and financial services increased 5.1 percent, led by an 8.4 percent rise in insurance costs. The recreation, sports and culture category rose 1.3 percent, reflecting a 2.1 percent increase in holiday package prices.

In contrast, prices for furniture, household equipment and routine household maintenance declined 0.3 percent. The restaurants and accommodation services category also fell 0.5 percent, as accommodation service prices decreased 2.3 percent.

GASTAT noted that the Consumer Price Index (CPI) measures changes in prices paid by consumers for a fixed basket of 582 items, while the Wholesale Price Index (WPI) tracks price movements of goods at the pre-retail stage for a fixed basket of 343 items.