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Abu Dhabi: Saudi Arabia’s Industrialization and Energy Services Company (Taqa) on Monday is planning to acquire two companies in the North American oilfield services technology and manufacturing sectors by the end of the year.

“Taqa’s planned investments in North America complement our Middle East expansion ambitions and are a key component of our 2021 strategy which aims to deliver the best, most advanced integrated oilfield services and manufacturing solutions to our clients,” said Azzam Shalabi, CEO of Taqa in a statement.

“North America is home to some of the world’s leading oilfield services companies and represents an exciting investment and expansion opportunity for Taqa. We are actively seeking to tap into the latest technology and manufacturing practices in this market, especially in the unconventional resources space, where we see significant growth opportunities.”

The company, owned by the kingdom’s Public Investment Fund has allocated approximately $1.2 billion (Dh4.4 billion) for new investments and acquisitions over the next three years to build-out its capabilities and footprint in oilfield services, equipment manufacturing and new technologies across the wider Middle East and North Africa (Mena) region and North America.

Taqa recently announced that its subsidiary Arabian Drilling Company (ADC) had agreed to acquire Schlumberger’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq and Pakistan for $415 million. The transaction transforms ADC into a regional drilling leader with one of the largest rig fleets, client portfolios and geographic footprints in the Middle East.