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Recently, at the Mining and Future Minerals Forum held in Riyadh, the capital of Saudi Arabia, Red Sea Aluminium Holding Co., Ltd., a subsidiary of Innovation Group, and the Saudi Public Investment Fund jointly announced that they have reached an agreement on key terms of cooperation. The two parties will invest in the construction of a globally advanced and large-scale integrated downstream aluminum industrial complex in Yanbu, a key industrial port city in western Saudi Arabia. This move marks a critical step in Innovation Group’s global expansion and serves as an exemplary model of industrial synergy and shared vision integration between China and Saudi Arabia.
The signing ceremony was witnessed by distinguished guests including Bandar Al-Khorayef, Minister of Industry and Mineral Resources of Saudi Arabia; Khalid Al-Falih, Minister of Investment of Saudi Arabia; Yazeed Al-Humied, Deputy Governor and Head of Middle East and North Africa Investments at the Saudi Public Investment Fund; Muhammad AlDawood, Head of Industry and Mining at the Saudi Public Investment Fund; Cui Lixin, Chairman of Innovation Group; and Tom Northover, Executive Director of Red Sea Aluminium Holding Co., Ltd.
According to the agreement, the project will leverage the advanced aluminum smelting and manufacturing technologies of Red Sea Aluminium Industrial Co., Ltd., a subsidiary of Red Sea Aluminium Holding Co., Ltd., to establish one of the largest aluminum product production bases in the Middle East within the Yanbu Industrial City. The complex will focus on the research, development, and production of high-value-added downstream aluminum products, comprehensively catering to the high-end demands of Saudi Arabia, the broader Middle East region, and the global market, thereby contributing to reshaping the regional aluminum industrial ecosystem.
As the core overseas platform for Innovation Group’s proactive implementation of the “going global” strategy, Red Sea Aluminium’s development path aligns closely with China’s “Belt and Road” Initiative and Saudi Arabia’s “Vision 2030.” The group’s forward-looking investment in Yanbu Industrial City—located in the heart of Saudi Arabia’s industrialization belt, adjacent to the two Holy Mosques, and benefiting from superior port and logistics conditions along the Red Sea coast—provides solid support for efficient raw material supply chain operations and product distribution to markets in Europe, Asia, and Africa. Red Sea Aluminium plans to develop an initial annual production capacity of 500,000 tons of electrolytic aluminum along with supporting key facilities.
As a globally leading sovereign wealth fund, the Saudi Public Investment Fund (PIF), established in 1971, has been consistently driving the diversification and sustainable development of Saudi Arabia’s economic structure. Through PIF’s equity participation in Red Sea Aluminium, this cooperation not only further enhances its industrial portfolio in sectors such as automotive manufacturing, power, electronics, and construction but also substantively promotes the upgrading of Saudi Arabia’s related industrial chains and the optimization of its employment structure by introducing international advanced technologies, global management expertise, and systematic local talent development, injecting new momentum into the nation’s industrial modernization.
Muhammad AlDawood, Head of Industry and Mining at PIF, stated: “We are committed to building a globally competitive industrial ecosystem to accelerate Saudi Arabia’s economic transformation. The collaboration with Red Sea Aluminium will provide us with a stable supply of high-quality downstream aluminum products, strongly supporting local and global market demands. This is a crucial component of the Fund’s strategic advancement.”
Tom Northover, Executive Director of Red Sea Aluminium Holding Co., Ltd., remarked: “Red Sea Aluminium aspires to become a leader in the global downstream aluminum industry and to deeply integrate into Saudi Arabia’s industrial and energy systems. We are honored to partner with a visionary and capable institution like PIF. Choosing Yanbu reflects our strong confidence in Saudi Arabia’s pivotal role in global advanced manufacturing.”
The signing between PIF and Red Sea Aluminium to jointly build a world-leading aluminum industrial complex marks a significant milestone in Innovation Group’s vision of becoming a “world-class green aluminum industry group.” It also serves as a key strategic engine for the group’s advancement toward “200 billion” in revenue and a Fortune Global 500 ranking, while signaling a new phase of international synergy between capital and industry following the listing of Innovation Industrial on the Hong Kong Stock Exchange. Looking ahead, Innovation Group will utilize the complex project as a platform to continuously implement the consensus between the leaders of China and Saudi Arabia, transform cooperative visions into more tangible outcomes, and contribute industrial strength to deepening the China-Saudi Arabia comprehensive strategic partnership and jointly building a high-quality “Belt and Road.”
