Fosun Expands Global Operations in the Middle East for Growth
- Fosun's subsidiary, Hainan Mining, is acquiring Tethys Oil AB for RMB 1.302 billion to secure oil field rights in Oman.
- A memorandum of understanding was signed with Ajlan & Bros Holding to explore a lithium salt plant project in Saudi Arabia, supporting the electric vehicle sector.
- These strategic moves underscore Fosun's commitment to expanding its operations and investments in the Middle East.
In September 2024, Fosun's subsidiary, Hainan Mining, made a significant move by offering approximately RMB 1.302 billion to acquire Tethys Oil AB, aiming to secure oil field rights in Oman. This acquisition aligns with Fosun's strategy to expand its operations in the Middle East, a region identified as a key growth frontier. Additionally, in July 2024, Hainan Mining entered a memorandum of understanding with Ajlan & Bros Holding to explore a lithium salt plant project in Saudi Arabia, which is part of the country's Vision 2030 initiative. This project aims to support the electric vehicle industry by establishing a commercial technology entity and collaborating with Shanghai Easun Technology for automated production solutions. Fosun's diverse portfolio includes pharmaceuticals, tourism, and energy, and it has been actively expanding its global presence since its listing in Hong Kong in 2007. The company's recent investments in the Middle East reflect its commitment to leveraging its operational capabilities to foster economic growth in the region, while also enhancing its own business prospects. Guo Guangchang, Chairman of Fosun International, emphasized the importance of aligning projects with national development goals, showcasing Fosun's role as a strategic partner in the Middle East's evolving economic landscape.