Saudi loan program supports 61 tourism projects

Saudi loan program supports 61 tourism projects

DUBAI: Abu Dhabi's ADNOC Distribution announced on Thursday that it plans to acquire 15 service stations in the eastern region of Saudi Arabia.

The deal is valued at 36.7 million dirhams ($10 million) and is subject to regulatory approval, WAM, the UAE state news agency, 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 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,“ Ahmed Al-Shamsi, acting CEO of ADNOC Distribution, was quoted as saying.

ADNOC Distribution opened its first service station in Saudi Arabia in December 2018, on the Riyadh-Dammam highway. It was followed shortly after by another in the city of Hofuf.

"Saudi Arabia is the largest market in the GCC and there is huge potential for experienced fuel operators like us to consolidate the market and capture further growth,“ Al-Shamsi added. "We are currently in discussions on a range of opportunities to further build on our network in the country.“