Riyadh: The Saudi Public Investment Fund (PIF) and Red Sea Aluminium Holdings (RSAH) signed an agreement to develop an advanced single integrated downstream aluminum complex in Yanbu in western Saudi Arabia.

This aligns with PIF’s strategy to build regional and international partnerships and attract investments to maximize returns, according to a press release.

Under the initial terms, Red Sea Aluminium Industrial (RSAI), a complex owned by RSAH, will offer smelting technologies to the Kingdom and establish one of the Middle East’s largest continuous casting facilities to produce a broad range of high-value downstream aluminum products.

Red Sea Aluminium Holdings is a joint venture (JV) between Innovation Global Industries, Innovation New Materials, and Shandong Innovation Group.

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 aluminum products to meet global and local demand.”

Tom Northover, RSAH Executive Board Director, commented: “RSAI aims to become a global downstream aluminum leader, embedded within Saudi Arabia’s industrial and energy ecosystem and designed from day one to meet the needs of international customers.”

The partnership intends to accelerate workforce development through technical training programs, skills development initiatives, and exposure to global best practices.

Meanwhile, the project is subject to finalizing the relevant transaction documents, fulfilling the condition precedents, and obtaining all necessary approvals and authorizations.

 

All Rights Reserved - Mubasher Info © 2005 - 2026 Provided by SyndiGate Media Inc. (Syndigate.info).