Weir Group, the Glasgow-based global mining and engineering FTSE 100 firm, said it has formed a new joint venture with Olayan Saudi Holding Company to provide mining technology solutions in Saudi Arabia.
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.
The new partnership, officially unveiled during the Future Minerals Forum in Riyadh, 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,” said Weir.
“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.”
Weir CEO Jon Stanton said: “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.”
Weir Minerals Division President Andrew Neilson said: “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.”