Saudi Arabian Refineries Company (SARCO), a long-established company in the Saudi stock market, announced a significant strategic step: the completion of procedures to establish a new subsidiary called “Refinery Ventures Holding Company.” In an official statement published on the Saudi Stock Exchange (Tadawul), the company explained that the new company is a single-member limited liability company, and its articles of incorporation and commercial registration have been officially obtained. Its headquarters will be in Riyadh.
This move comes amidst major economic transformations underway in Saudi Arabia, specifically within the framework of Vision 2030, which aims to diversify national income sources and reduce dependence on oil. The establishment of Masafi Ventures is a direct response to this vision, as the new holding company will focus its activities on vital and strategic sectors including manufacturing, construction, and transportation and warehousing. These sectors represent key pillars of national development programs, such as the National Industrial Development and Logistics Program (NIDLP), which seeks to transform the Kingdom into a leading industrial power and a global logistics hub.
Saudi Arabian Refineries Company (SARCO) has a long history in the Saudi market, having been established in 1960, giving it extensive experience and a solid investment base. This expansion represents a significant shift in the company's trajectory, moving from its traditional business model to a more flexible and dynamic structure through a holding company. This structure enables SARCO to manage its diversified investments more efficiently and facilitates its entry into new strategic partnerships and the attraction of local and foreign investments to finance its future projects in targeted sectors.
The establishment of “Refinery Ventures Holding” is expected to have a tangible positive impact on the local economy. In the construction sector, the company will contribute to supporting the Kingdom’s massive urban development and infrastructure projects. In the manufacturing sector, it will work to enhance local content and localize industries, creating new job opportunities for citizens and increasing the contribution of the non-oil sector to the GDP. In the transportation and storage sector, the company will play a pivotal role in enhancing the efficiency of supply chains and logistics services, which is vital to achieving the Kingdom’s ambitions as a regional and international trade hub.
