Saudi Arabia’s Arkad is forming a joint venture with Swiss ABB Ltd. in order to extend its operations throughout the Gulf and into North Africa, Bloomberg reports.
“It has been our goal since the beginning to become an international company, the Managing Director of Arkad, Hami Abdelhadi, told Bloomberg.
Arkad, an oilfield services company, will hold a majority stake in the joint venture, called Arkad-ABB SpA, according to Bloomberg. The companies plan to finalize the details of the joint venture in December.
The joint venture will permit Arkad to expand its operations to Algeria, Kuwait, and the UAE, Abdelhadi said.
The Saudi firm is currently engaged in building a 1,100 kilometer natural gas pipeline in Saudi Arabia to expand Saudi Arabia’s natural gas grid, according to Bloomberg. The first phase of the project is slated to be completed this year, Reuters reported earlier this year.
Established in 2011 as Saudi Kad, the company was renamed—as Arkad—in February 2017, Bloomberg reports.