Time: May 28, 2019
Enoc Group, a wholly-owned entity of the Government of Dubai, has announced ambitious expansion plans for its retail operations in Saudi Arabia.
The group said its retail arm will increase its service station network by more than eight fold by 2030 to reach 124 stations to meet the growing fuel station demand in the GCC’s largest market.
The new service stations will be spread across different locations across the kingdom covering east, west and central regions, it added.
Over the next five years, Enoc plans to open 45 new service stations. From 2024 to 2028, it plans to further expand its retail operations across the kingdom by opening 65 new stations, all of which will have provisions for solar pv panels to be installed on the roof of the canopy.
Saif Humaid Al Falasi, Group CEO, Enoc, said: “Our growth plans for the Saudi market come as part of the Group’s retail expansion strategy aimed at not only boosting domestic economic sentiment but also providing an impetus to our international growth plans.
“We strongly represent continued foreign investments into the kingdom that rose by 110 percent in 2018 to reflect the country’s diversification to non-oil industry trade between countries through goods and consumer products.
“We are committed to deliver on the Saudi Vision 2030 objectives to enhance the country’s infrastructure and provide the highest quality of service standards as well as invest in new stations that offer the full breadth of retail services. This is an important milestone in our geographic expansion to Saudi Arabia.”
At the end of last year, Enoc unveiled a five-year plan for its retail expansion in Saudi Arabia. With 14 operating service stations in the kingdom, Enoc has plans to open three new service stations by end of 2019, and a further 10 by end of 2020.
Through its expansion plans, Enoc said it will also provide employment to over 500 people.