Dear Customer: The Arab Lawyers Network apologizes for the temporary inconvenience related to the verification code via mobile and would like to inform you that the code will be sent via email. Please contact customer services for any further inquiries.

Press Dossier    By Date   23/02/2023 Saudi Arabia’s Ma’aden and Bahrain’s Alba explore ways to strengthen cooperation in ESG

Arab News, Thursday, Feb 23, 2023 | Sha'ban 03, 1444

Saudi Arabia’s Ma’aden and Bahrain’s Alba explore ways to strengthen cooperation in ESG

Saudi Arabia: Saudi Arabian Mining Co., and Aluminum Bahrain, also known as Alba, have agreed to explore avenues for strengthening cooperation in various areas including know-how and environmental, social, and governance standards. 

The decision to elevate the cooperation between the two companies was made when Robert Wilt, CEO of Ma’aden, along with his delegates, met Alba Chairman Shaikh Daij bin Salman bin Daij Al Khalifa and its CEO Ali Al Baqali at the Bahrain firm’s office. 

During the meeting, which also had the attendance of Alba’s executives and Deputy CEO Abdulaziz Al Harbi, both companies discussed the possibility of potential cooperation upstream and supply-chain opportunities.

“We are proud of our long-standing partnership with Ma’aden; we also look forward to continuing our dialogue on areas of mutual interest as we work together to cement our positions as responsible aluminum producers,” said Al-Khalifa. 

He added: “Such partnerships are what makes the Gulf Cooperation Council region a hub for responsible primary smelting and high-grade metal in the industry.” 

Wilt noted that both Ma’aden and Alba have a collective vision to build and develop a regional aluminum powerhouse. 

“By sharing ideas and knowledge, and working together to enhance our capabilities we will set new benchmarks for the industry in responsible operations, cost efficiency and most importantly positioning the GCC as a key ally in bringing resilience to the global aluminum supply chain. We look forward to strengthening our relationship and working more closely with Alba,” said Wilt. 

Earlier in January, Ma’aden had agreed to form a joint venture with the Kingdom’s sovereign wealth fund to invest in mining assets globally.  

In a regulatory filing, Ma’aden said that will own 51 percent of the venture while the Public Investment Fund will own 49 percent.

Ma’aden said the new venture’s strategy “will initially be to invest in the iron ore, copper, nickel and lithium sectors as a non-operating partner taking minority equity positions.”  

The new company’s initial paid-up capital will amount to SR187.5 million ($50 million), of which Ma’aden will finance SR96 million as its share of the investment. 

Page 1 Of 1