Saudi Arabia’s state Public Investment Fund (PIF) is backing $516mn plans to buy out Mena-focused drilling firm ADES and relocate the company to Saudi Arabia.

The plans, made public on 11 March, come as Saudi Arabia is pushing for an increasing share of the kingdom’s energy investment to be coordinated from within the country. Saudi Arabia wants to develop Riyadh into a leading regional business center and is seeking to attract firms to relocate their regional headquarters to the city (MEES, 19 February). (CONTINUED - 936 WORDS)