After an increase of Rs1.1, the value of the Saudi Riyal reached Rs75.57 in comparison to the last day's closing of Rs76.67.
Recently, Saudi Arabia has no intention of using its oil production as a tool to influence the course of the war on Gaza, Investment Minister Khalid Al-Falih.
Moreover, the Public Investment Fund (PIF) has recently entered into a share subscription agreement to invest in Alkhorayef Petroleum, a prominent provider and manufacturer of oil and gas production optimization solutions based in Saudi Arabia.
As part of this investment, PIF will acquire a 25% shareholding through a capital increase and subscription to new shares, while Alkhorayef Group will retain a 75% stake. The strategic move aligns with PIF's broader goal of enhancing Saudi Arabia's equipment and service landscape, fostering the growth of promising private sector companies, and contributing to the development of the industrial ecosystem to boost export revenues.
Alkhorayef Petroleum specializes in artificial lift, wireline services and equipment, and early production facilities. It stands out as the sole Gulf-based manufacturer of electric submersible pumps crucial to oil and gas production. Operating successfully in 13 countries with a diversified revenue base, the company is poised for further growth.
PIF's investment aims to position Alkhorayef Petroleum for optimal growth by leveraging its technical and commercial capabilities while expanding its presence in the energy services industry. The agreement is anticipated to enhance supply chains in the energy services sector within Saudi Arabia.
Muhammad Aldawood, head of the Industrials and Mining sector in MENA Investments at PIF, highlighted that this investment is in line with PIF's domestic strategy to develop key sectors and collaborate with strategic economic partners in the private sector, aligning with the objectives of Vision 2030.
