Gulf Cryo, has announced the acquisition of an 80% interest in Gas Tech by their subsidiary Gulf Cryo Saudi (GCS). The purchase of Gas Tech is GCSs first acquisition in KSA. Gas Tech is a Riyadh based establishment active in the cylinder business. The acquisition will extend the geographical reach of Gulf Cryo from the East, where the Saudi subsidiary Gulf Cryo Saudi is located, to the central area of the Kingdom.

 

The acquisition was completed at the beginning of March and falls in line with Gulf Cryo’s plans to expand in the Kingdom of Saudi Arabia and strengthen its market presence in the region.

 

Market leadership, along with knowhow and the product range between Gulf Cryo Saudi and Gas Tech will help to strengthen their current position in Saudi Arabia. Gas Tech will constitute a strong base to operate from in the Riyadh market backed by Gulf Cryo’s supply chain.

 

The former owners of Gas Tech will be staying on board providing a seamless service to their current customers. Both Gulf Cryo and Gas Tech will continue to offer their customers great products and services. The synergy to both companies and their depth of expertise will create a strong platform for sustainable growth and ongoing success.

 

Mr. Naji Skaf, Chief Operating Officer of Gulf Cryo commented that, “we view the Kingdom as a strong growth driver for the group. Our move to the Riyadh market is a natural one given our reach and we hope to be able to expand our Saudi footprint with similar positions in other parts of the Kingdom.”

 

Mr. Mohammad Al Qahtnani, Gas Tech said that “I felt that Gas Tech the company I started and successfully getting close to a glass ceiling, I needed a major player to come in and drive the venture forward. I feel that Gulf Cryo is the optimum partner and I am confident that I will be proven correct in the near future.”