The Public Investment Fund signs a partnership to develop an aluminum complex in Yanbu
The Public Investment Fund and Red Sea Aluminum Holding Company (RSAH), a joint venture between… "Innovation Global Industries" and"Innovation New Materials" and"Shandong Innovation Group"Preliminary provisions for the partnership in developing an advanced and integrated complex for aluminum products in the city of Yanbu.
Through this cooperation, the complex bearing the name "Red Sea Aluminum Industrial Company"Owned by Red Sea Aluminum Holding Company (RSAH), the company aims to localize advanced smelting technologies in Saudi Arabia, and develop one of the largest continuous casting factories for aluminum in the Middle East, to produce a wide range of advanced, high-value aluminum products.
Regional and international partnerships
The signing, which was announced at the International Miningin Riyadh, with Public Investment Fund to establish regional and international partnerships, and attract investments with the aim of maximizing returns, diversifying the economy, localizing knowledge, and continuing to enhance the capabilities of strategic sectors.
Dr. said. Muhammad Al-Dawoud, Director of the Industries and Mining Sector in the General Administration for Middle East and North Africa Investments at the Public Investment Fund: "The Public Investment Fund continues to achieve its goals by continuing to develop globally competitive industrial systems that lead economic transformation and diversification in the Kingdom. The new proposed project aims to provide aluminum products to meet global and local demand"
Red Sea Aluminum
Tom Northover, Executive Director of the Board of Directors of Red Sea Aluminum Holdings (RSAH), said: "The Red Sea Aluminum Industrial Company aims to become a global leader in the field of aluminum products, and a fundamental pillar within the industrial and energy system in the Kingdom, and to provide products that meet the needs of international customers."
He added: "We are happy to partner with the Public Investment Fund and benefit from its broad capabilities and great investment expertise, and we believe that our investment in Yanbu reflects the strength of the foundations that make the Kingdom a global center for advanced industries."
The complex integrates with the other strategic sectors of the Public Investment Fund, including automobiles, energy, utilities, electronics, and construction. The Public Investment Fund is considered one of the most influential global investors.
The shareholders of Red Sea Aluminum Holding Company (RSAH) are among the world’s largest manufacturers of aluminum products, and the project will benefit from their technology and effective models in developing large industrial complexes, and the project will also benefit from the growing demand for aluminum.
The partnership between the Public Investment Fund and Red Sea Aluminum Holding Company seeks to accelerate the development of the local workforce. Through technical training programs and skills development initiatives to gain experience and best international practices.
These initial provisions are subject to the partners completing the relevant documents and agreements, fulfilling the pre-specified conditions and obtaining all necessary approvals and authorizations.
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