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Weir Group and a Saudi Arabian company have set up a joint venture in the Kingdom to collaborate on advanced mining technology solutions.<\/p>\n
Glasgow-based Weir and Olayan Saudi Holding Company will support the Kingdom\u2019s Vision 2030 that will combine Weir\u2019s global expertise in mining technology with Olayan\u2019s local market knowledge. <\/p>\n
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\u2019s expanding mining sector.<\/p>\n
The announcement was formally unveiled at the Future Minerals Forum in Riyadh.<\/p>\n
Jon Stanton, CEO of Weir, said the shareholders\u2019 agreement marks \u201ca significant step\u201d in establishing the joint venture that will support Saudi Arabia\u2019s rapidly developing mining industry. <\/p>\n
\u201cThis agreement strengthens our ability to serve customers and drive growth, build local capability, and contribute to the success of Vision 2030,\u201d he said.<\/p>\n
Salih Merghani, chief operating officer at Olayan Saudi Holding Company, said:\u00a0\u201cThis agreement represents a key step toward developing a localised mining value chain in the Kingdom. <\/p>\n
\u201cPartnering 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. <\/p>\n
\u201cThis joint venture aligns strongly with our commitment to enabling industrial growth and supporting the goals of Vision 2030.\u201d<\/p>\n
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.<\/p>\n
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