RIYADH: Saudi Arabia’s Public Investment Fund (PIF) and Red Sea Aluminium Holdings (RSAH) have signed an agreement on initial terms to collaborate on developing an advanced single integrated downstream aluminum complex in the port city of Yanbu.
Red Sea Aluminium Industrial (RSAI)—a subsidiary of RSAH—is introducing cutting-edge smelting technologies to Saudi Arabia, the Saudi Press Agency (SPA) reported on Wednesday.
The company is also establishing one of the largest casting facilities in the Middle East, dedicated to producing a wide range of high-value downstream aluminum products.
Announced at the Future Minerals Forum in Riyadh, the agreement aligns with PIF’s strategy to forge regional and international partnerships, attract investment, maximize returns, diversify the local economy, transfer knowledge, and strengthen strategic sectors.
Dr. Muhammad AlDawood, Head of Industrials and Mining Sector at PIF, stated: “PIF continues to deliver on its mandate by developing globally competitive industrial ecosystems that support Saudi Arabia’s economic transformation and diversification.
RSAI will help secure the supply of downstream aluminum products to meet both global and local demand.”
Tom Northover, Executive Board Director of RSAH, added: “RSAI is positioned to become a global leader in downstream aluminum, integrated into Saudi Arabia’s industrial and energy ecosystem and designed from inception to meet international customer needs.”
“We are pleased to partner with PIF and leverage its extensive investment expertise and scale. Our investment in Yanbu underscores Saudi Arabia’s strong position as a global hub for advanced industry,” he said.
The partnership also aims to accelerate workforce development through technical training programs, skills development initiatives, and exposure to global best practices.
These initial terms are subject to the finalisation of transaction documents, fulfillment of conditions precedent, and receipt of all necessary approvals and authorizations.
