Investors to develop downstream Saudi aluminium complex
PIF and Red Sea Aluminium Holdings (RSAH) have agreed terms to develop a downstream aluminium complex in Yanbu, western Saudi Arabia.
Through the collaboration, Red Sea Aluminium Industrial (RSAI), will introduce smelting technologies to Saudi Arabia and develop one of the Middle East’s largest continuous casting facilities to produce a range of downstream aluminium products.
Investor PIF and RSAH, which is a joint venture between Innovation Global Industries, Innovation New Materials and Shandong Innovation Group, signed an agreement at the Future Minerals Forum held in Riyadh.
Dr. Muhammad AlDawood, Head of Industrials and Mining Sector at PIF, said: “PIF continues delivering on its mandate by further developing globally competitive industrial ecosystems that drive Saudi Arabia’s economic transformation and diversification.
“RSAI would secure the supply of downstream aluminium products to meet global and local demand.”
Tom Northover, RSAH Executive Board Director, said: “RSAI aims to become a global downstream aluminium leader, embedded within Saudi Arabia’s industrial and energy ecosystem and designed from day one to meet the needs of international customers.
“We are pleased to partner with PIF and leverage its extensive investment knowledge and scale. Our investment in Yanbu reflects the fundamental strength of Saudi Arabia as a global centre for advanced industry.”
The initial terms are subject to the partners’ finalising the relevant transaction documents, fulfilling the condition precedents and obtaining all necessary approvals and authorisations.
