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The investment will allow Alkhorayef Petroleum to strengthen its position as a leading oilfield services company. (Image source: Adobe Stock)
Saudi Arabia’s Public Investment Fund (PIF) is to take a 25% shareholding in Saudi-based Alkhorayef Petroleum, provider and manufacturer of oil and gas production optimisation solutions
Alkhorayef Group, the parent company and current shareholder of Alkhorayef Petroleum, will retain a 75% stake.
Alkhorayef Petroleum specialises in artificial lift, wireline services and equipment, as well as early production facilities. It is the only Gulf-based manufacturer of electric submersible pumps, critical to oil and gas production. The company has achieved a diversified revenue base and a successful operational track record in 13 countries across the Gulf Cooperation Council countries, as well as in Africa and Latin America.
Muhammad Aldawood, head of Industrials and Mining sector in MENA Investments at PIF, said: “This transaction forms part of PIF’s broader efforts to deepen the manufacturing sector in Saudi Arabia and represents a milestone in strengthening the regional industrial ecosystem. This investment is expected to enable Alkhorayef Petroleum’s growth strategy in local and international markets, and further expand its manufacturing output while also focusing on innovative R&D in high-growth areas. Our investment aligns with PIF’s domestic strategy to develop key sectors and work alongside strategic economic partners in the private sector to support the delivery of Vision 2030.”
Saad Alkhorayef, chairman of Alkhorayef Petroleum and Alkhorayef Group, added, “This investment is a recognition of our achievements in the Middle East as well as across Africa and Latin America, and the strategic role Alkhorayef Petroleum plays in supporting the oil and gas sector in Saudi Arabia and other regions. The investment with PIF is a major milestone in our journey and will allow the company to strengthen its position as a leading oilfield services company and preferred long-term partner to our customers worldwide. We firmly believe that the company can become one of the world’s leading oilfield services companies, and this investment further reinforces our ambition and determination.’’
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