• PIF expands its efforts to support economic diversification by localizing supply chains, enabling export-led growth, and strengthening Saudi Arabia’s metals and mining ecosystem
  • PIF continues to grow Saudi Arabia’s manufacturing capabilities

Riyadh – PIF and Red Sea Aluminium Holdings (RSAH), which is a joint venture between Innovation Global Industries, Innovation New Materials and Shandong Innovation Group, announced today their agreement on initial terms to partner for developing an advanced single integrated downstream aluminum complex in Yanbu in western Saudi Arabia.

Through this collaboration, Red Sea Aluminium Industrial (RSAI), a complex owned by RSAH, is introducing advanced smelting technologies to Saudi Arabia and developing one of the Middle East’s largest continuous casting facilities to produce a broad range of high-value downstream aluminum products.

The signing, which was announced at the Future Minerals Forum held in Riyadh, aligns with PIF’s strategy to build regional and international partnerships and attract investments to maximize returns, diversify the local economy, localize knowledge, and continue to unlock the capabilities of strategic sectors.

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 aluminum products to meet global and local demand.”

Tom Northover, RSAH Executive Board Director, said: “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. 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 center for advanced industry.”

PIF is one of the world’s most impactful investors. Red Sea Aluminium Industrial will complement other PIF investments in strategic sectors including automotive, power and utilities, electronics and construction.

RSAH’s shareholders are among the world’s largest producers of downstream aluminum products. The proposed complex will leverage their technology and proven mega-cluster development model and will benefit from the growing demand for aluminum.

PIF’s partnership with RSAH also seeks to accelerate workforce development through technical training programs, skills development initiatives, and exposure to global best practices.

These initial terms are subject to the partners’ finalizing the relevant transaction documents, fulfilling the condition precedents and obtaining all necessary approvals and authorizations.

ABOUT PIF

PIF is one of the world’s most impactful investors, enabling the creation of key sectors and opportunities that help shape the global economy, deliver returns and drive the economic transformation of Saudi Arabia, supporting the delivery of Vision 2030. PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.

And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.

Since 2017, PIF has been establishing companies and driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.

For media inquiries:
PIF Media Relations
Email: media@pif.gov.sa
Website: www.pif.gov.sa
Rupert Trefgarne: rtrefgarne@pif.gov.sa