Shell and Asyad Holding Group have signed an agreement to establish the first Shell-branded fuel station in Riyadh, marking the British energy companys entry into the Saudi Arabian market
The initiative is part of the Saudi Energy Ministry's strategy to open its fuel stations in Q4 2023, according to the Ministry.
The agreement is a result of the efforts made by Saudi Arabia's executive committee of service centres and gas stations, which aims to enhance facilities by partnering with renowned global firms. This move aligns with the goals of Vision 2030, Saudi Arabia's long-term development plan, and underscores the country's commitment to effective policies, programmes, and transformation plans.
Last year, Saudi Wafi Energy Co. secured an exclusive franchise right from Shell Global to establish and operate Shell fuel stations and car service stations across the Kingdom. In a cooperative step, the Ministry of Energy signed an agreement with the Small and Medium Enterprises General Authority to facilitate the franchise-granting process for petrol stations, ensuring supply security and maximising value while overcoming economic challenges.
The agreement also provides support to franchisees through various programmes, advisory services, and training, recognising the crucial role of SMEs in strengthening the domestic economy, accelerating growth, and expanding the production base in line with Vision 2030.
