Ajlan & Bros Holding Group Abilitii to invest SAR 50 Billion with the NIDLP

Wednesday 1443/2/22 - 2021/09/29
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Riyadh, September 29, 2021, SPA -- The National Industrial Development and Logistics Program (NIDLP) and Ajlan & Bros Holding Group Abilitii (ABHGA), agreed on Tuesday, September 28, 2021, a cooperation agreement under the patronage and presence of the Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, Chairman of the Program Committee, and Mohamed bin Abdulaziz Alajlan, Deputy Chairman of Ajlan & Bros Holding Group Abilitii (ABHGA). The agreement was co-signed by Eng. Suliman bin Khalid Almazroua, CEO of NIDLP, and Eng. Ali Alhazmi, CEO of ABHGA.
Eng. Suliman bin Khalid Almazroua affirmed the importance of cooperation between the public and private sectors to push development in the Kingdom and to achieve the goals of the Saudi Vision 2030. Eng. Suliman supports empowering and motivating the private sector through active communication channels and facilitating investor connections, thus contributing in creating an attractive investment environment which characterizes the abundance of qualitative enablers and competitive advantages.
Almazroua expressed his confidence in the program capabilities and ABHGA to achieve the goals of this agreement and presented his thanks and appreciation to the Kingdom’s leadership for its continuous support to all that would contribute to achieving a better future for the Kingdom and its citizens.
He also expressed his thanks to Bandar bin Ibrahim Alkhorayef, the Minister of Industry and Mineral Resources, Chairman of the Program Committee, and the members of the NIDLP Committee for their continuous support and empowerment, in order for the program to achieve its objectives, pursue developing its sectors, achieving economic diversification, and transforming the Kingdom into a producer and an exporter to the global markets. This agreement can be considered the start for several important projects, including developing strategic titanium industries to become the key in localizing promising industries such as aviation and military industries, and establishing a mining services company and modern laboratories that provide services to the mining sector locally and regionally, in addition to developing a stock market for mining companies and a minerals trading platform that empowers investors and increases private sector contribution in achieving diversification and economic growth for the Kingdom.
Mohamed bin Abdulaziz Alajlan, Deputy Chairman of Ajlan & Bros Holding Group Abilitii (ABHGA), expressed the Group’s pride in this agreement, which aims to support the Program's strategy towards transforming the Kingdom into a leading industrial power, maximizing the economic impact of the mining sector and sustaining its growth, and creating an attractive investment environment in NIDLP.
Through the investment of 50 billion Saudi riyals over the next 10 years, ABHGA will contribute to achieving the goals of the Vision, emphasizing that ABHGA is very keen to maximize its investments in qualitative and promising sectors, and appreciating the role of NIDLP in increasing private sector participation to create a massive economic and developmental transformation through providing an attractive and a competitive investment environment.
This agreement aims at increasing the level of cooperation between the public and private sectors to achieve the objectives of Vision 2030, as the areas of cooperation between both parties subject to this agreement includes establishing a joint framework with ABHGA. The Group will invest in the program sectors and contribute to developing it, and as a result of this agreement, have signed an investment partnership agreement with AMIC company to develop the manufacturing supply chain. In addition, a further agreement has been signed with the National Stock Exchange of Australia that specializes in listing mining and natural resources companies, to develop a stock exchange market for mining companies and building a minerals trading platform, as well as signing an agreement to establish a mining services company alongside a consortium of Australian companies lead by Resolve Mining Solutions company and under the supervision of the Australian Embassy.
--SPA
17:19 LOCAL TIME 14:19 GMT
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