Saudi Arabian conglomerate Ajlan eyes ‘mega deals’ with Chinese companies in tech, new energy, petrochemical sectors

Name: Saudi tech minister says China a ‘success story to replicate’ during Hong Kong visit
Uploaded: 2024-02-18T06:00:17.000Z
Duration: 3 min 5 s
Description: Saudi tech minister says China a ‘success story to replicate’ during Hong Kong visit

The Riyadh-based company aims to make strategic investments by acquiring equity stakes and providing financial expertise to leading players in these industries

‘The objective is to support these companies in expanding their presence in Saudi Arabia,’ says senior vice-president

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Ajlan & Bros, which is based in Riyadh (pictured), plays a crucial role in easing the entry of Chinese companies into Saudi Arabia. Photo: Shutterstock

Peggy Sito

Published: 2:00pm, 18 Feb 2024

Ajlan & Bros Holding Group, a private conglomerate headquartered in Riyadh, Saudi Arabia, is targeting “mega deals” reaching over US$1 billion in value with companies in China’s petrochemicals, new energy, and technology sectors in 2024.

The company aims to make strategic investments by acquiring equity stakes, providing financial expertise, and offering legal advice to leading players in these industries, said Vincent Yan, its senior vice-president.

“The objective is to support these companies in expanding their presence in Saudi Arabia and make sure they can adapt to the vast market,” he said in an interview.

Yan said the conglomerate is currently in discussions with top-tier, listed companies in fields that include technology, oil and gas, solar power and electric vehicles. The size of the deals being considered ranges from hundreds of millions of US dollars to over US$1 billion.

Ajlan & Bros plays a crucial role in easing the entry of Chinese companies into Saudi Arabia, helping them align with the kingdom’s Vision 2030 strategy for economic transformation and reducing its dependence on fossil fuels. It has already brought in a dozen Chinese firms from a range of sectors that focus on sustainable business models catering to government, corporate, and individual clients.

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Saudi tech minister says China a ‘success story to replicate’ during Hong Kong visit

These include electrical equipment maker Chint, gold miner Chifeng, the courier giant SF International and smart pharmacy solutions provider Shanghai General Healthy.