UAE’s Adnoc Acquires 15 Service Stations in Saudi Arabia

UAE’s Adnoc Acquires 15 Service Stations in Saudi Arabia

Already the only fuel retailer operating in all seven emirates in the UAE, the addition of these new stations highlights the long term smart growth strategy to also become a leading fuel operator in KSA. The company sees value creation potential coming from uplift in fuel margins and the company's integrated approach to managing fuel and non-fuel retail offerings.

The purchase consideration for this acquisition is AED36.7 million ($10 million). The acquisition is subject to certain conditions, including obtaining regulatory approvals.

Located in the eastern region, with sites dedicated to both highway commuters as well as in-community convenience, the new stations will be refurbished in line with Adnoc Distribution brand standards and offer high quality fuel and retail services to customers, including convenience stores;

Ahmed Al Shamsi, Acting CEO, Adnoc Distribution, said: "Expanding our presence in Saudi Arabia is an important milestone for our company and part of our profitable growth strategy. We see this expansion as a natural progression since opening our first station in 2018 and look forward to significantly increasing our presence in the coming years. This is the first announcement of many we intend to make with Saudi being a key strategic market for us as we make Adnoc