As part of the Saudi Energy Ministry's efforts to attract foreign businesses to the Kingdom, Riyad will soon have its first Shell-branded gasoline station after the British energy company reached an arrangement with Asyad Holding Group.
The agreement would make it possible for Shell International to start operating its petrol stations in the fourth quarter of this year.
The contract, it was said, is the outcome of the service centres and petrol stations permanent executive committee of Saudi Arabia's efforts to expand the facilities by bringing in top international firms.
The action also promotes the goals of the Kingdom's Vision 2030 and the implementation of highly effective development policies, programmes, and transformation plans.
A contract between Saudi Wafi Energy Co. and Shell Global was struck last year, granting the Saudi company the only franchise right to build and run Shell petrol stations and auto repair centres throughout the Kingdom.
In order to organise the franchise-granting procedure for petrol stations, the ministry and the Small and Medium Enterprises General Authority, also known as Monsha'at, signed a cooperation agreement on 10 March in front of Biban Forum 23.
As a result, economic obstacles would be removed, added value would be maximised, and the supply security of the sector would be assured.
By providing programmes, advice, and training services, the agreement also supported the franchise parties.
The agreement also emphasised the importance of SMEs in supporting the home economy, boosting economic growth, and expanding the production base in line with Vision 2030.