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Saudi Arabia has taken another strategic step toward strengthening its industrial and mining ecosystem as the Public Investment Fund (PIF) and Red Sea Aluminium Holdings (RSAH) announced an agreement on initial terms to develop an advanced single integrated downstream aluminum complex in Yanbu.
According to an official PIF press release, Red Sea Aluminium Holdings (RSAH) a joint venture between Innovation Global Industries, Innovation New Materials, and Shandong Innovation Group will partner with PIF to establish Red Sea Aluminium Industrial (RSAI), a large-scale complex designed to serve both local and global markets.
The project will introduce advanced aluminum smelting technologies to Saudi Arabia and develop one of the Middle East’s largest continuous casting facilities, enabling the production of a wide range of high-value downstream aluminum products. The announcement was made during the Future Minerals Forum in Riyadh, underscoring the Kingdom’s commitment to industrial diversification and value-added manufacturing.
Dr. Muhammad AlDawood, Head of Industrials and Mining Sector at PIF, stated that the partnership reflects PIF’s mandate to build globally competitive industrial ecosystems that drive economic transformation. He noted that RSAI will help secure downstream aluminum supplies while meeting rising global and domestic demand.
From the private sector perspective, Tom Northover, Executive Board Director at RSAH, highlighted that the Yanbu complex aims to position Saudi Arabia as a global hub for advanced downstream aluminum manufacturing, fully integrated into the Kingdom’s industrial and energy ecosystem. He emphasized that partnering with PIF strengthens the project’s global reach, scalability, and long-term competitiveness.
Beyond industrial output, the partnership also focuses on workforce development, with plans to accelerate technical training, skills enhancement, and exposure to international best practices, supporting Saudi Arabia’s long-term human capital goals.
The agreement remains subject to the completion of final transaction documents, fulfillment of conditions precedent, and receipt of all required regulatory approvals.
How J K Supports ?
J K Management Consultancies assists international and regional investors entering Saudi Arabia’s industrial and mining sectors by offering investment licensing, company formation, regulatory approvals, tax and ZATCA compliance, industrial setup advisory, and end-to-end business support. With deep expertise in Saudi regulations and Vision 2030 initiatives, J K ensures seamless market entry and sustainable growth for industrial projects.
