Adnoc Distribution, the fuel distribution arm of Abu Dhabi National Oil Company, is planning to build 75 new fuel stations in Dubai over the next five years, Saeed Mubarak Al Rashdi, the company’s acting CEO, said in a statement issued on Sunday by the WAM state news agency.
Adnoc Distribution currently has four fuel stations in the emirate of Dubai, and the new investment plan will see the creation of around 15 new stations per year over the next five years, Al Rashdi said.
The company opened two stations in Saudi Arabia last year. The facilities proved to be popular, turning a profit of 30 percent, and the company is planning to add three more stations as part of its expansion in the kingdom, the statement added.
"We want to explore investment opportunities in new markets outside the UAE, to meet our minimum target of achieving a 15 percent profit margin from our investments," Al Rashdi was quoted as saying.
Established in 1973, Adnoc Distribution currently has 376 retail fuel service stations and 250 convenience stores in the UAE, including 13 Géant Express branded stores. The operator opened its first three locations in Dubai, making it the only fuel retailer operating in all seven emirates in the UAE.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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