The Saudi Riyal has surged against the Pakistan Rupee, gaining ground by Rs1.1 and reaching a value of Rs75.57 compared to the previous day’s close at Rs76.67.
In recent statements, Saudi Arabia clarified its stance, affirming that it won’t utilize its oil production as a means to influence the situation regarding the conflict in Gaza. Investment Minister Khalid Al-Falih emphasized this stance, highlighting a focus on other strategic investments instead.
One significant move involves the Public Investment Fund (PIF) entering into a share subscription agreement to invest in Alkhorayef Petroleum, a key player in oil and gas production optimization solutions based in Saudi Arabia. Through this investment, PIF will acquire a 25% stake, while Alkhorayef Group will retain 75%. The objective here aligns with PIF’s broader aim of boosting Saudi Arabia’s equipment and service landscape, supporting the growth of promising private sector companies, and contributing to the industrial ecosystem to increase export revenues.
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Alkhorayef Petroleum specializes in critical aspects of oil and gas production, such as artificial lift, wireline services and equipment, and early production facilities. It holds a unique position as the sole manufacturer of electric submersible pumps in the Gulf, vital for oil and gas production. With a variety of revenue sources and operations in 13 countries, the company is well-positioned for future growth.
PIF’s investment seeks to propel Alkhorayef Petroleum’s growth by leveraging its technical and commercial strengths while expanding its footprint in the energy services sector. This move is expected to bolster supply chains within Saudi Arabia’s energy services industry.
Muhammad Aldawood, head of the Industrials and Mining sector in MENA Investments at PIF, highlighted that this investment aligns with PIF’s domestic strategy of sectoral development and collaboration with key economic partners in the private sector, in line with the goals of Vision 2030.
