Weir Group-Olayan Saudi Holding Company JV could commence operations this quarter
The Weir Group PLC and Olayan Saudi Holding Company has announced the signing of the shareholders’ agreement to establish a joint venture in the Kingdom of Saudi Arabia, marking a significant milestone in their collaboration to provide advanced mining technology solutions.
The announcement was formally unveiled at the Future Minerals Forum in Riyadh, reflecting both companies’ commitment to serving Saudi Arabia’s rapidly expanding mining sector.
It builds upon a longstanding relationship between the two companies, which was on show at the same event last year when the two parties mapped out a JV. The plan at that point was for Weir take the lead on sales, technical and product responsibilities, while Olayan focused on new business development, capitalising on its strong presence and knowledge of the regional market.
The companies said both organisations have worked over the past year to finalise the necessary steps for effective collaboration. The shareholders’ agreement is now signed, and the companies anticipate the joint venture to commence operations by the end of the March quarter, pending customary government approvals.
Mining is a key strategic sector under the Kingdom’s Vision 2030, and the joint venture will combine the respective strengths of both organisations to support sustainable growth in this industry.
Weir brings its global leadership in mining technology, including expertise in comminution, separation and tailings solutions, along with its WARMAN® slurry pumping technology. Olayan Saudi Holding Company contributes deep local market knowledge and established business capabilities within the Kingdom.
Jon Stanton, CEO of Weir (second from the left), said: “We are proud to have signed the shareholders’ agreement with Olayan Saudi Holding Company, marking a significant step in establishing our joint venture to support the Kingdom of Saudi Arabia’s rapidly developing mining industry. By combining Weir’s technology leadership in sustainable mining with Olayan’s deep local expertise, this agreement strengthens our ability to serve customers and drive growth, build local capability, and contribute to the success of Vision 2030.”
Salih Merghani, Chief Operating Officer at Olayan Saudi Holding Company (second from the right), 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.”
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