The Weir Group PLC and Olayan Saudi Holding Company have finalized a shareholders’ agreement to create a joint venture in Saudi Arabia, marking a major development in their partnership aimed at delivering advanced mining technology solutions. The formal announcement took place during the Future Minerals Forum in Riyadh, emphasizing both firms’ dedication to supporting Saudi Arabia’s fast-growing mining industry.
This move builds on their long-standing relationship, previously highlighted at last year’s event where they outlined plans for the joint venture: Weir would handle sales, technical, and product aspects, while Olayan would focus on business development, leveraging its strong local presence and expertise. Over the past year, both companies have worked together to ensure all steps were completed for successful collaboration. With the shareholders’ agreement now signed, operations for the joint venture are expected to begin by the end of the March quarter, pending standard government approvals.
Mining is a central component of Saudi Arabia’s Vision 2030 strategy, and this collaboration will harness the strengths of both organizations to promote sustainable growth within the sector. Weir brings global expertise in mining technology, including comminution, separation, tailings solutions, and WARMAN® slurry pumping technology. In contrast, Olayan offers extensive knowledge of the regional market and proven business capabilities.
Jon Stanton, CEO of Weir, commented that signing the agreement with Olayan marks an important milestone for supporting Saudi Arabia’s dynamic mining sector. By merging Weir’s innovative mining solutions with Olayan’s local insights, the venture enhances their service offerings, strengthens local skills, and supports the broader aims of Vision 2030.
Salih Merghani, COO of Olayan Saudi Holding Company, stated that the agreement is vital for building a localized mining value chain in Saudi Arabia. Collaborating with Weir enables access to world-class mining technologies and products, which will be integrated and delivered through Olayan’s extensive local network. The joint venture fits closely with Olayan’s commitment to advancing industrial growth and aiding the objectives of Vision 2030.
