Saudi Press

Saudi Arabia and the world
Friday, Mar 29, 2024

Saudi major to invest more than $13bn to transform mining sector

Saudi major to invest more than $13bn to transform mining sector

Ajlan & Bros Holding Group Abilitii also plans to set up a stock market for mining companies and a minerals trading platform

Saudi-based conglomerate Ajlan & Bros Holding Group Abilitii (ABHGA) plans to invest SR50 billion over the next decade in an agreement with the National Industrial Development and Logistics Program (NIDLP).

The cooperation agreement aims to develop strategic titanium industries in the Gulf kingdom to support the aviation and military sectors while also establishing a mining services company and laboratories that will provide services to the mining sector locally and regionally.

Under the deal, a stock market for mining companies and a minerals trading platform will be established to empower investors and increases private sector contribution in achieving diversification and economic growth for the kingdom, Saudi Press Agency reported on Wednesday.

Suliman bin Khalid Almazroua, CEO of NIDLP, said the agreement between the public and private sectors would help achieve the goals of the Saudi Vision 2030.

Mohamed bin Abdulaziz Alajlan, deputy chairman of ABHGA, added that the agreement aims to transform the kingdom into a leading industrial power, maximising the economic impact of the mining sector and sustaining its growth while also creating an attractive investment environment.


A further agreement has been signed with the National Stock Exchange of Australia that specialises in listing mining and natural resources companies, to develop the stock exchange as well as an agreement to establish a mining services company alongside a consortium of Australian companies led by Resolve Mining Solutions company and under the supervision of the Australian Embassy.

According to its website, Ajlan & Bros is one of the largest private sector conglomerates in the Middle East, employing over 10,000 people in more than 15 countries.

Established originally as a textile business in 1979, the heritage of Ajlan & Bros is rooted in retail stores but soon expanded to manufacturing.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×