DUBAI: Emirates National Oil Co. (Enoc) has teamed up with Saudi fuel retailer Aldrees to build at least 40 service stations in the Kingdom, the companies said.
Enoc has formed a 50:50 joint venture with Aldrees Petroleum, which enjoys healthy sales margins thanks to plentiful supplies from Saudi Aramco, to increase its revenues abroad.
“We make good returns on the nonfuel business but it doesn’t compensate for the losses that we have,” Burhan Al Hashemi, managing director of Enoc Retail, said at a signing ceremony in Dubai.
“So that’s why for the whole organization is to go outside and explore new markets.”
Abdulelah Saad Aldrees, the head of Aldrees Petroleum, said Aldrees buys 91 octane gasoline for SR 0.36 a liter and sells it at SR0.45. It pays SR 0.51 for 95 octane gasoline and sells it at SR 0.60, he said. The higher octane gasoline costs about SR1.75 in the UAE.
Aldrees operates more than 450 filling stations in Saudi Arabia, and the partners plan to build at least 40 more in the first phase the AED 400 million investment plan.
Saudi fuel retailer, UAE firm in deal for service stations
Saudi fuel retailer, UAE firm in deal for service stations
Saudi mining sector surges with 220% rise in new licenses in 2025
JEDDAH: Saudi Arabia recorded a 220 percent year-on-year increase in new mining exploitation licenses in 2025, issuing 61 permits, according to a statement from the Ministry of Industry and Mineral Resources.
This reflects the attractiveness of the Kingdom’s mining investment environment and the ministry’s ongoing efforts to accelerate the exploration and development of mineral resources, which are estimated to be worth more than SR9.4 trillion ($2.5 trillion), the ministry said in a statement.
Saudi Arabia has designated mining as the third pillar of its industrial economy, a strategy that has seen the sector’s contribution to gross domestic product double, reaching SR136 billion in 2024.
The industry has attracted over SR170 billion in investments, while exploration spending has surged fivefold since 2020, exceeding SR1.05 billion in 2024 alone.
Investor interest has skyrocketed, with the number of active exploration companies rising from just six in 2020 to 226 in 2024 — a 38-fold increase — and foreign investors now accounting for 66 percent of total license bidders, reflecting strong international confidence in the Kingdom’s mining potential.
Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, explained that the number of mining and small-mine exploitation licenses issued by the ministry in 2025 reached 61 licenses, compared to 19 licenses in the previous year.
He added: “Total investments in the new licensed projects exceed SR44 billion for the extraction of high-quality mineral ores, including gold and phosphate."
He noted that the number of valid mining exploitation licenses in the Kingdom reached 275 by the end of 2025, covering an area of 2,160 sq. km.
He affirmed that the ministry will continue enabling mining investments and facilitating local and international investor participation to maximize sector returns in line with Saudi Vision 2030 targets, positioning mining as a key contributor to economic diversification.
The ministry’s release emphasized that this reflects the effectiveness of reforms implemented to strengthen the investment environment and regulate the mining sector.
Last month, Saudi Arabia opened 11 mining sites at the Eastern Province’s Al-Summan Crushers Complex for competitive bidding. The sites, designated for the extraction of aggregates and crusher materials, cover a combined 9 sq. km.
