Ajlan & Bros Holding Group Abilitii (Abhga), one of the leading Saudi investment holding companies, has entered into a deal to invest SR50 billion ($13.3 billion) into the National Industrial Development and Logistics Programme (NIDLP) over the next 10 years.
The agreement is aimed at supporting the NIDLP's strategy towards transforming the kingdom into a leading industrial power, maximizing the economic impact of the mining sector and sustaining its growth, and creating an attractive investment environment.
The agreement was signed by Engineer Suliman bin Khalid Almazroua, the chief executive of NIDLP, and Engineer Ali Alhazmi, Abgha CEO in the presence of Bandar bin Ibrahim Alkhorayef, the Minister of Industry and Mineral Resources, Chairman of the Program Committee, and Mohamed bin Abdulaziz Alajlan, Deputy Chairman of Abgha.
Affirming the importance of co-operation between the public and private sectors to push development in the kingdom, lmazroua said: "Abgha's big investment plan will be instrumental in helping achieve the goals of Saudi Vision 2030."
This agreement is a strategic one as it will lead to the launch of several vital projects, including developing strategic titanium industries to become the key in localizing promising industries such as aviation and military industries, and establishing a mining services company and modern laboratories that provide services to the mining sector locally and regionally, he stated.
"It will also lead to the establishment of a stock market for mining companies and a minerals trading platform that empowers investors and increases private sector contribution in achieving diversification and economic growth for the kingdom," he added.
Alajlan said: "Through this investment we aim to contribute to achieving the goals of the Vision 2030 and hel boost the level of cooperation between the public and private sectors.
Already the Saudi company has signed an investment partnership agreement with Amic company to develop the manufacturing supply chain.
In addition, a further agreement has been signed with the National Stock Exchange of Australia that specialises in listing mining and natural resources companies, to set up a stock exchange market for mining companies and building a minerals trading platform, stated Alajan.
"We are also signing an agreement for establish a mining services company alongside a consortium of Australian companies lead by Resolve Mining Solutions company and under the supervision of the Australian Embassy," he added.-TradeArabia News Service
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