PIF joint venture targets downstream aluminium production

Saudi Arabia’s trillion-dollar sovereign wealth fund, the Public Investment Fund, and Riyadh-based Red Sea Aluminium Holdings have agreed on preliminary terms for developing a downstream aluminium complex in Yanbu, western Saudi Arabia. 

RSAH is a joint venture between Innovation Global Industries, Innovation New Materials and Shandong Innovation Group.

In a statement, PIF said the complex will introduce advanced smelting technologies and develop one of the Middle East’s largest continuous casting facilities to produce a broad range of high-value downstream aluminium products.

The agreement was announced at the Future Minerals Forum in Riyadh. It aligns with PIF’s strategy to build regional and international partnerships to localise strategic sectors.

The project’s implementation is subject to the fulfilment of the final terms and the obtaining of all necessary approvals.

The complex will secure the supply of downstream aluminium products to meet global and local demand, said Muhammad AlDawood, head of the industrial and mining sector at PIF.

The partnership also seeks to accelerate workforce development through technical training programmes and skills development initiatives, PIF said.

No information was provided on the proposed cost to build the complex.

In July 2025 Saudi miner Maaden, 65 percent owned by the PIF, bought out its partner in a mining joint venture, the US aluminium producer Alcoa.

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