Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, said on Wednesday it agreed to form a joint venture with the kingdom's sovereign wealth fund to invest in mining assets globally.
Ma'aden will own 51% in the venture while the Public Investment Fund (PIF) will own 49%, the company said in a regulatory filing.
Ma'aden said the new venture's strategy "will initially be to invest in the iron ore, copper, nickel, and lithium sectors as a non-operating partner taking minority equity positions."
($1 = 3.7548 riyals)
(Reporting by Hadeel Al Sayegh; Editing by Nivedita Bhattacharjee)