Weir Group, the Glasgow-based global mining and engineering FTSE 100 firm, announced the signing of the shareholders’ agreement to establish a joint venture in the Kingdom of Saudi Arabia with Olayan Saudi Holding Company, marking a significant milestone in their collaboration to provide advanced mining technology solutions.

The formal joint venture builds upon a longstanding relationship between the two companies.

“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,” said Weir.

“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.”

The companies anticipate the joint venture to commence operations by the end of Q1 2026, pending customary government approvals.

Weir CEO Jon Stanton 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, 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.”