Tamimi Energy Group plans Saudi IPO in 2-3 years

Logo of Tamimi Energy Group

Adel Al-Shouraim, CEO of Tamimi Energy Group, said the group plans to list its shares on the Saudi Exchange (Tadawul) within two to three years.

The group has been working on its listing file for more than a year, with preliminary preparations starting about four years ago, Al Shuraim told Asharq Bloomberg, saying the next two to three years could be a suitable window for the offering.

The group comprises about 19 companies, more than half of which are industrial businesses. Its activities span manufacturing, petrochemicals, electricity and water, alongside its core energy business, which has more than 50 years of history.

The group has more than 20 agreements covering domestic and international investments. Over the past three years, it has agreed to establish five factories, some of which have begun production while others remain under construction, Al Shuraim said.

Tamimi Energy has localized nine factories in Saudi Arabia and plans to implement new industrial localization projects over the next three years.

In the gas sector, the group is working on a new agreement to expand production of gas used in power generation, amid opportunities linked to the development of the Kingdom’s gas resources.

The group also has a presence in Syria. Al Shuraim said it held meetings with the Syrian Petroleum Company on the sidelines of the conference to discuss potential initiatives and projects in which it hopes to participate as a key partner.

The group is investing in artificial intelligence and quantum computing, including through an agreement with French quantum computing company Pasqal to develop future applications and transfer technical expertise and know-how to Saudi Arabia, Al Shuraim said.

Tamimi Energy Group, a subsidiary of Tamimi Holding Co., specializes in oil and gas, energy, petrochemicals, water, utilities, industry and renewable energy, with more than 50 years of experience in developing and maintaining energy solutions in Saudi Arabia and international markets.