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Ma’aden, Alcoa Sign Deal
for $10.8 Billion Project

RIYADH - Saudi Arabian Mining Co., the state- owned metals producer known as Ma’aden, signed a contract with Alcoa Inc. to build a 40.5 billion riyal ($10.8 billion) aluminum industrial complex in Saudi Arabia.

Ma’aden will own 60 per cent of the project and New York- based Alcoa, the largest US aluminum producer, the rest, the Riyadh-based company said in a statement to the Saudi stock exchange. The project will supply aluminum to Saudi Arabia and global markets, the miner said. The aluminum industrial complex is part of Saudi Arabia’s attempt to develop its mineral resources as the world’s largest oil exporter diversifies its economy. Ma’aden also aims to compete with regional rivals Aluminium Bahrain and Dubai Aluminium Co.