LONDON: ADNOC Distribution, the fuel distribution arm of the Abu Dhabi National Oil Company, is planning to expand its business in Saudi Arabia, according to its acting CEO.
Saeed Mubarak Al-Rashdi said the company’s board of directors has decided to construct three more fuel stations in the Kingdom, according to UAE state news agency WAM.
The decision follows “the success of two stations launched earlier in 2018, which attained profits of over 30 percent.”
In a statement on the sidelines of the company’s “Capital Markets Days” in London and New York, Al-Rashdi said the company plans to expand its activities in Saudi Arabia to include fuel services, car washes and restaurants.
It also plans to increase the number of stations in Dubai over the next five years, by constructing a total of 75 new stations, Al-Rashdi added.
“We want to explore investment opportunities in new markets outside the UAE, to meet our minimum target of achieving a 15 percent profit margin from our investments,” Al-Rashdi said.
Abu Dhabi’s ADNOC Distribution ‘to expand in Saudi Arabia’
Abu Dhabi’s ADNOC Distribution ‘to expand in Saudi Arabia’
- Company’s board of directors decided to construct three more fuel stations in Saudi Arabia
- Al-Rashdi said the company plans to expand its activities in Saudi Arabia to include fuel services, car washes and restaurants
