The ADES Holding Company was established in 2022 as a Saudi company owned by ADES Investments Holding, Saudi’s Public Investment Fund, and Zamil Investment. In October 2023, the company offered 30% of its issued share capital in a $1.2 billion IPO on the Saudi Exchange. The IPO drew in orders worth $76.5 billion from local, regional, and international investors. The oil and gas drilling company owns a fleet of 87 rigs across nine countries, including Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, Tunisia, India, Indonesia, and Thailand.