Shuaa fund to create a national fuel retailer in Saudi Arabia

The Saudi unit of Shuaa Capital has signed a preliminary agreement with Dubai’s Gate Capital Financial Services to launch a fund targeting the fuel retail industry in Saudi Arabia.

The aim is to create a national fuel retail operator with a network of more than 500 service stations across the kingdom, Shuaa Capital said in a statement.

There are currently more than 10,000 stations across Saudi Arabia.  

Shuaa and Gate Capital say they will use a “buy-and-build” strategy, anchored by the acquisition of an established fuel retail operator. 

The partnership plans to buy and integrate additional fuel-station operators.

The size of the fund was not disclosed.

“Saudi Arabia represents one of the most compelling energy retail markets regionally and globally, supported by strong economic fundamentals and an ambitious national transformation agenda,” said Shuaa group CEO Nabil Al Rantisi.

Saudi Arabia’s fuel station market was projected to be worth $43 billion in 2025, rising to $55 billion by 2031, growing at a compound annual growth rate of 4 percent from 2026 to 2031, according to Modor Intelligence.

Further reading:

• Shuaa closes 2025 in the black despite 3% revenue dip
• Shuaa in profit for the year despite third-quarter dip
• Shuaa gets new CEO to drive expansion and increase revenues

In March Shuaa Capital reported a net profit of AED156 million ($43 million), versus a 2024 net loss of AED274 million.

Shuaa Capital was founded in 1979. It was once among Dubai’s most prominent investment banks but has undergone repeated restructurings since the 2008 financial crisis.

The stock was trading 7 percent higher at AED0.212 on Wednesday, down 25 percent so far this year.

Direct Access Investment owns 15.1 percent of Shuaa.