Prime Highlights:
- Saudi Arabia’s Public Investment Fund (PIF) partners with Red Sea Aluminium Holdings (RSAH) to develop an advanced aluminum complex in Yanbu, boosting industrial growth.
- The project will strengthen local supply chains, create jobs, and move the Kingdom closer to becoming a regional hub for aluminum.
Key Facts:
- The complex will feature modern smelting and continuous-casting facilities for high-value aluminum products.
- The agreement is subject to final approvals, regulatory clearances, and completion of necessary documents.
Background:
Saudi Arabia’s Public Investment Fund (PIF) has reached initial terms with Red Sea Aluminium Holdings (RSAH) to build a new aluminum complex in Yanbu, a major step for the Kingdom’s industrial growth.
The project, announced at the Future Minerals Forum in Riyadh, will be run by Red Sea Aluminium Industrial (RSAI) and will use modern smelting and casting methods. The facility is expected to become one of the Middle East’s largest continuous-casting plants for high-value downstream aluminum products, enhancing the Kingdom’s position in the regional aluminum industry.
Muhammad Al-Dawood, head of PIF’s industrials and mining sector, emphasized the strategic importance of the project. He stated, “PIF continues delivering on its mandate by developing globally competitive industrial ecosystems that drive Saudi Arabia’s economic transformation and diversification.” He added that RSAI would help secure a steady supply of downstream aluminum products to meet both global and local demand.
RSAH, a joint venture between Innovation Global Industries, Innovation New Materials, and Shandong Innovation Group, will leverage the expertise of its shareholders, recognized among the world’s leading producers of downstream aluminum. Om Northover, executive board director of RSAH, highlighted the importance of the partnership, saying that RSAI aims to become a global leader in downstream aluminum and that the Yanbu investment shows Saudi Arabia’s strength in advanced industry.
The aluminum complex will provide technical training and skill development for workers. The agreement still needs final approvals and required documents. The partnership helps Saudi Arabia become a regional aluminum hub and boosts economic growth.
