The Saudi Public Investment Fund (PIF) has announced that it has signed an agreement with the Saudi Arabian mining company Ma’aden to establish a new company that aims to invest in mining assets globally to secure strategic minerals, including iron ore, that are essential for the company’s industrial development as well as the resilience of global supply chains.
Ma’aden will own 51 percent and PIF will own 49 percent of the new company. The company’s capital will amount to $50 million.
According to the statement, the new company will significantly contribute to strengthening Saudi Arabia’s strategic position in line with PIF’s strategy to further grow key industries.