- Business
- Saudi Arabian Refineries Company (SARCO), doing business as Al-Masafi Saudi Arabian Co. and listed on the Saudi Exchange under ticker 2030.SR, engages in petroleum-related activities including the extraction of crude oil; construction and operation of refineries and petrochemical plants; strategic investments in securities; real estate development encompassing the purchase, sale, division, and marketing of lands and properties; management and leasing of non-residential real estate; and investments in local companies. Through its subsidiary Al Sadu Company for Investment, SARCO extends operations into real estate activities, financial services, financial technology, tourism services, general construction, and mining and quarrying. The company also maintains ownership interests such as Arab Tanker Terminals LTD., which provides storage, mixing, packaging, and handling of chemical, petrochemical, petroleum, and petroleum products in Yanbu Industrial City. Founded in 1960 and headquartered in Jeddah, Saudi Arabia, with recent expansion including a new branch opened in Riyadh in December 2024, SARCO primarily serves the Kingdom's energy, downstream, real estate, and investment sectors while targeting regional and GCC markets through diversified project portfolios. Among its latest developments, SARCO entered into non-binding memoranda of understanding in early 2025 with Golden Compass Mining Services Company and German Saudi Industrial Company to explore potential collaborations in mining and industrial sectors; appointed Eng. Mohammad Iqbal Daboul as Managing Director in July 2025; effected changes to its Audit Committee composition including a resignation and new appointments in January 2025; filled board vacancies and addressed resignations in late 2024; and continues strategic diversification to enhance shareholder returns amid market volatility.