Weir and Olayan Saudi Holding Company announce joint venture

Source: www.gulfoilandgas.com 1/16/2025, Location: Middle East

The Weir Group PLC and Olayan Saudi Holding Company are pleased to announce they have agreed to form a new joint venture to provide mining technology solutions in Saudi Arabia. This new partnership, officially unveiled during the Future Minerals Forum in Riyadh on Thursday 16 January 2025, marks a significant milestone in the longstanding relationship between the two companies.

This joint venture will leverage the combined strengths of both organisations to serve the rapidly expanding mining market in Saudi Arabia. Weir will bring its extensive expertise in sales and sustainable mining technology solutions, while Olayan Saudi Holding Company will contribute its robust knowledge of Saudi business and deep localisation experience to the endeavour. Both partners possess a thorough understanding of each other's operational frameworks and organisational structures, setting the stage for a seamless and effective collaboration.

Under the terms of the joint venture, Weir will take the lead on sales, technical, and product responsibilities, while Olayan Saudi Holding Company will focus on new business development, capitalising on its strong presence and knowledge of the regional market.

"We are excited to embark on this new partnership with Olayan Saudi Holding Company. Mining is a core economic pillar within the Kingdom of Saudi Arabia’s Vision 2030 and our joint venture will enable us to support the Kingdom’s rapidly expanding mining industry with our market-leading technologies. Combining Weir’s technical expertise with Olayan's local insights will allow us to better serve our customers and drive growth in the region."

Jon Stanton, CEO, Weir

"Weir has built significant business in Saudi Arabia over the last 20 years and we’ve developed strong relationships with the key local mining players. With a strong outlook for growth, this joint venture is the next strategic step in our journey in the Kingdom. No one serves more mines than Weir and we’re only able to do that by being close to where our customers operate.”

Andrew Neilson, Minerals Division President

"This joint venture marks a significant milestone in our commitment to increasing local content within the value chains of the Kingdom's rapidly expanding mining industry. By collaborating with Weir Group, a global leader in mining and minerals technology, and leveraging our extensive local service and support network, we are poised to deliver unparalleled value to our customers. This partnership not only strengthens our capabilities but also reinforces our dedication to driving meaningful contributions to the Kingdom's economic growth and sustainable development."

Salih Merghani, Executive Vice President for Energy Services at Olayan Saudi Holding Company

The announcement will be made during the Future Minerals Forum on Thursday 16 January, where key representatives from both Weir and Olayan Saudi Holding Company will be available to discuss the joint venture in more detail.


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