Saudi’s Abhga to invest $13.3bn into developing Kingdom’s industrial and logistics programme
Firm has already signed agreements to develop the manufacturing chain with partner companies
Saudi-based investment holding firm, Ajlan & Bros Holding Group Abilitii (Abhga), has inked a deal to invest $13.3bn into the National Industrial Development and Logistics Programme (NIDLP) over the next 10 years. The firm said the move will support the NIDLP’s strategy of transforming the Kingdom into a leading industrial power, maximising the economic impact of the mining sector, sustaining its growth and creating an attractive investment environment.
The agreement was signed by Engineer Suliman bin Khalid Almazroua, 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 and chairman of the Program Committee, and Mohamed bin Abdulaziz Alajlan, deputy chairman of Abgha.
Almazroua said the agreement is strategic and will lead to the launch of several vital projects including developing titanium industries to become the key in localising promising industries such as the aviation and military industries, as well as establishing a mining services company and modern laboratories that provide services to the mining sector locally and regionally.
Confirming the importance of co-operation between the public and private sectors to push development in the Kingdom, lmazroua added, “Abgha’s big investment plan will be instrumental in helping achieve the goals of Saudi Vision 2030. 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.”
Alajlan added, “Through this investment we aim to contribute to achieving the goals of the Vision 2030 and help boost the level of cooperation between the public and private sectors.”
The Saudi company said it has already signed an investment partnership agreement with Amic company to develop the manufacturing supply chain. In addition, another 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.
He concluded, “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.”
