Dr. Ajith Kumar V.V
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.
Source: UAE’s ADNOC Distribution plans $10m deal for 15 Saudi service stations (arabnews.com)