The Public Investment Fund (PIF) of Saudi Arabia has formed a joint venture with Saudi Arabian Mining Co. (Ma'aden) to help establish the mining sector in the Kingdom
This joint venture is expected to unlock the potential of the mineral wealth in the nation and provide opportunities for exploring new territories.
The new venture will initially focus on investing in iron ore, copper, nickel, and lithium as a non-operating partner taking minority equity positions.
The company's paid-up capital will amount to $50 million, and both PIF and Ma'aden have agreed to fund the new company up to $3.12 billion if additional funding is required.
With the rising demand for critical minerals in the electric vehicle market, the PIF official believes that the joint venture will play a role in addressing the acute shortage of future minerals and ensuring that Saudi Arabia retains a leading position.
The Public Investment Fund (PIF) of Saudi Arabia, Saudi Arabian Oil Co. (Saudi Aramco), and Baoshan Iron & Steel Co. of China have signed a shareholders' agreement to establish an integrated steel plate manufacturing complex in Saudi Arabia.
This is the first of its kind in the Gulf Cooperation Council region and aims to enhance the domestic manufacturing sector through localizing the production of heavy steel plates, transferring knowledge, and creating export opportunities.
The complex will have a production capacity of up to 1.5 million tons per year and is expected to be located in Ras Al-Khair Industrial City.
The investment is part of the PIF's strategy to reduce reliance on imported steel and serve more customers in strategic industrial sectors.