RIYADH: Oil and gas systems manufacturer Alkhorayef Petroleum has received a financial boost after the Public Investment Fund reached a share subscription agreement with the firm. This strategic move also involves a capital increase of an undisclosed amount, alongside PIF securing a 25 percent stake in the company. Parent firm Alkhorayef Group retains 75 percent ownership, according to a press release. PIF’s move aims to support the growth of promising private sector companies to further develop the industrial ecosystem and increase export revenues. Alkhorayef Petroleum specializes in oil and gas production optimization solutions, including artificial lift, wireline services and equipment, and early manufacturing facilities. Muhammad Al-Dawood, head of industrials and mining sector in MENA Investments at PIF, said: “This transaction forms part of PIF’s broader efforts to deepen the manufacturing sector in Saudi Arabia and represents a milestone in strengthening the regional industrial ecosystem.” He added: “This investment is expected to enable Alkhorayef Petroleum’s growth strategy in local and international markets and further expand its manufacturing output while also focusing on innovative R&D (research and development) in high-growth areas.” Al-Dawood explained that their investment is in line with PIF’s domestic process, aiming to develop key sectors and collaborate with strategic economic partners in the private sector to advance the goals of Vision 2030. As the sole Gulf-based manufacturer of electric submersible pumps, a crucial component in oil and gas production, Alkhorayef Petroleum has achieved a diversified revenue base and operational success in 13 countries across the Gulf Cooperation Council, Africa, and Latin America. “This investment is a recognition of our achievements in the Middle East as well as across Africa and Latin America and the strategic role Alkhorayef Petroleum plays in supporting the oil and gas sector in Saudi Arabia and other regions,” said Saad Alkhorayef, chairman of Alkhorayef Petroleum and Alkhorayef Group. He highlighted that the investment with PIF is a “major milestone” and will allow the company to strengthen its position as a prominent oilfield services company and preferred long-term partner to customers worldwide. “We firmly believe that the company can become one of the world’s leading oilfield services companies, and this investment further reinforces our ambition and determination,” added Alkhorayef. The finalization of the agreement is subject to obtaining customary approvals from the relevant authorities and meeting specific conditions outlined in the transaction agreements, the release added.