• Alkhorayef Group, the parent company, will retain a 75% stake after the completion of the transaction, as outlined in the sovereign wealth fund’s statement.
• PIF emphasizes that this investment is part of broader initiatives aimed at improving Saudi Arabia’s equipment and service landscape. It supports the growth of promising private-sector companies and contributes to the development of the industrial ecosystem.
• The company’s focus areas encompass artificial lift, wireline services and equipment, along with early production facilities.
Saudi Arabia’s Public Investment Fund (PIF) has inked a deal to invest in Alkhorayef Petroleum, a manufacturer of electric submersible pumps, a statement said.
The investment, accomplished through a capital increase and new share subscription, will grant the sovereign wealth fund a 25% ownership stake.
The parent company, Alkhorayef Group, will retain a 75% stake following the transaction, according to the sovereign wealth fund’s statement.
PIF emphasized that this investment aligns with broader initiatives to enhance Saudi Arabia’s equipment and service landscape, supporting the growth of promising private sector companies and fostering industrial ecosystem development.
Alkhorayef Petroleum specializes in oil and gas production optimization solutions, serving as the exclusive producer of electric submersible pumps in the Gulf.
The company focuses on artificial lift, wireline services and equipment, and early production facilities. Muhammad Aldawood, Head of Industrials and Mining Sector in MENA Investments at PIF, noted that the investment is expected to fuel Alkhorayef Petroleum’s growth strategy in both local and international markets, facilitating increased manufacturing output and innovative research and development in high-growth areas.
Last year, The Public Investment Fund announced it launched the Regional Voluntary Carbon Market Company with the Saudi Tadawul Group.
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