Joint Venture Launched to Boost Mining Innovation in Saudi Arabia

The Weir Group PLC and Olayan Saudi Holding Company have announced the formation of a joint venture aimed at providing advanced mining technology solutions in Saudi Arabia, as the country accelerates efforts to expand its mining sector.

The agreement, revealed during the Future Minerals Forum in Riyadh on January 16, 2025, builds on a decades-long relationship between the two companies. The partnership is designed to meet the rising demand for mining services in the Kingdom, a market poised for growth under Saudi Arabia’s Vision 2030 initiative, which positions mining as a key pillar of economic diversification.

The venture will combine Weir’s expertise in sustainable mining technology and its global track record in sales with Olayan’s extensive experience in Saudi business and local market operations. Weir will oversee product development, technical support, and sales, while Olayan will focus on business development, leveraging its knowledge of the region and established relationships with local stakeholders.

“We are excited to embark on this partnership with Olayan Saudi Holding Company,” said Jon Stanton, Chief Executive Officer of Weir Group. “Mining is critical to the Kingdom’s Vision 2030, and this joint venture enables us to support its expanding industry with technologies that are not only efficient but also sustainable. By blending Weir’s technical capabilities with Olayan’s deep local insights, we can better serve customers and fuel growth in the region.”

Andrew Neilson, President of Weir’s Minerals Division, noted that the company has been active in Saudi Arabia for over two decades, building relationships with key players in the mining sector. “This joint venture represents the next step in our commitment to the Kingdom. Weir is uniquely positioned to serve the local mining industry because we understand the importance of being close to where our customers operate,” he said.

Olayan Saudi Holding Company, one of the Kingdom’s largest private enterprises, emphasized the collaboration’s role in strengthening Saudi Arabia’s industrial base. “This partnership demonstrates our commitment to increasing local content and creating value within the Kingdom’s mining supply chain,” said Salih Merghani, Executive Vice President for Energy Services at Olayan. “Working alongside Weir, a global leader in mining and minerals technology, allows us to provide unparalleled service to customers while contributing to the Kingdom’s broader economic goals.”

The mining sector has been identified as a priority for development under Vision 2030, with Saudi Arabia seeking to capitalize on its rich deposits of gold, copper, and other minerals. By combining their resources and expertise, Weir and Olayan aim to play a leading role in shaping the industry’s future while advancing sustainability and innovation in mining practices.