Weir Group and a Saudi Arabian company have set up a joint venture in the Kingdom to collaborate on advanced mining technology solutions.
Glasgow-based Weir and Olayan Saudi Holding Company will support the Kingdom’s Vision 2030 that will combine Weir’s global expertise in mining technology with Olayan’s local market knowledge.
The joint venture is expected to begin by the end of this quarter, pending government approvals, and will focus on sustainable growth within Saudi Arabia’s expanding mining sector.
The announcement was formally unveiled at the Future Minerals Forum in Riyadh.
Jon Stanton, CEO of Weir, said the shareholders’ agreement marks “a significant step” in establishing the joint venture that will support Saudi Arabia’s rapidly developing mining industry.
“This agreement strengthens our ability to serve customers and drive growth, build local capability, and contribute to the success of Vision 2030,” he said.
Salih Merghani, chief operating officer at Olayan Saudi Holding Company, said: “This agreement represents a key step toward developing a localised mining value chain in the Kingdom.
“Partnering with Weir allows us to bring world-class mining technologies and products into Saudi Arabia while leveraging our deep local expertise to drive their integration and delivery within the local market.
“This joint venture aligns strongly with our commitment to enabling industrial growth and supporting the goals of Vision 2030.”
Weir no longer manufactures in Scotland but it has c.12,000 employees operating in more than 50 countries with a presence in every major mining region of the world.
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