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Saudi Arabia, Egypt Sign MoU to Promote Exports, Automobile Industry

Egyptian Prime Minister Mostafa Madbouly chairs talks between the Egyptian side, headed by Minister of Industry Ahmed Samir, and his Saudi counterpart, Bandar al-Khorayef (Asharq Al-Awsat)
Egyptian Prime Minister Mostafa Madbouly chairs talks between the Egyptian side, headed by Minister of Industry Ahmed Samir, and his Saudi counterpart, Bandar al-Khorayef (Asharq Al-Awsat)
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Saudi Arabia, Egypt Sign MoU to Promote Exports, Automobile Industry

Egyptian Prime Minister Mostafa Madbouly chairs talks between the Egyptian side, headed by Minister of Industry Ahmed Samir, and his Saudi counterpart, Bandar al-Khorayef (Asharq Al-Awsat)
Egyptian Prime Minister Mostafa Madbouly chairs talks between the Egyptian side, headed by Minister of Industry Ahmed Samir, and his Saudi counterpart, Bandar al-Khorayef (Asharq Al-Awsat)

Egypt and Saudi Arabia signed on Sunday two memorandums of understanding (MoU) in developing non-oil exports and developing their automobile industries.

The Egyptian Minister of Trade and Industry, Ahmed Samir, and Saudi Minister of Industry and Mineral Resources, Bandar al-Khorayef, witnessed the signing of a memorandum of understanding between the Egyptian Export Development Authority and its Saudi counterpart.

The statement added that the two sides also witnessed the signing of a memorandum of understanding between the Valeo Egypt company and the Saudi National Industrial Development Center in developing the automotive industry.

Khorayef started an official visit to Egypt on Saturday as part of Saudi Arabia's keenness to enhance the role of the mining and industrial sectors.

Later, the Egyptian Prime Minister Mostafa Madbouly received the Saudi Minister of Industry.

They discussed ways to enhance industry cooperation and integration between Egypt and Saudi Arabia.

Madbouly noted the enormous potential and human resources that the two countries possess, adding that Egypt is a huge market and a gateway to the continent of Africa.

He stressed the importance of having an agreement between the two countries that enables the private sector to achieve integration and partnership in the supply and production chains.

During the meeting, Minister Samir noted that Egyptian officials held meetings with their Saudi counterparts. They agreed on a set of joint work issues in industry, namely the industrial integration between the two countries.

The Egyptian minister said that cooperation in specific sectors would improve in the next stage, including the food and drug security industries and promoting exports to African markets.

For his part, the Saudi Minister explained that the national industry strategy aims to create a competitive and sustainable industrial economy.

Saudi Arabia is looking forward to integration with Egypt in the industries identified by the strategy to achieve food and drug security and cooperation for optimal utilization and creation of added value in the petrochemical and mining industries and the automotive industry.

Khorayef said the visit to Egypt would include a tour of several industrial sites and meetings with the private sector.

 

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Aramco Plans Transition Minerals Joint Venture with Ma'aden

The proposed JV would focus on energy transition minerals, including extracting lithium from high-concentration deposits and advancing cost-effective direct lithium extraction (DLE) technologies - File Photo
The proposed JV would focus on energy transition minerals, including extracting lithium from high-concentration deposits and advancing cost-effective direct lithium extraction (DLE) technologies - File Photo
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Aramco Plans Transition Minerals Joint Venture with Ma'aden

The proposed JV would focus on energy transition minerals, including extracting lithium from high-concentration deposits and advancing cost-effective direct lithium extraction (DLE) technologies - File Photo
The proposed JV would focus on energy transition minerals, including extracting lithium from high-concentration deposits and advancing cost-effective direct lithium extraction (DLE) technologies - File Photo

Aramco, one of the world's leading integrated energy and chemicals companies, and Ma'aden, the largest multi-commodity mining and metals company in the Middle East and North Africa region, announced on Wednesday the signing of non-binding Heads of Terms, which envisages the formation of a minerals exploration and mining joint venture (JV) in Saudi Arabia.
According to a press release, the proposed JV would focus on energy transition minerals, including extracting lithium from high-concentration deposits and advancing cost-effective direct lithium extraction (DLE) technologies. Commercial lithium production is likely to commence by 2027.
This JV is expected to extend Aramco's capabilities into an adjacent sector, leveraging its technological innovation resource and data management skills. It would seek to unlock the potential of the Kingdom's high-value mineral resources, with the aim of helping meet the growing demand for lithium and other transition minerals both domestically and globally. The JV is expected to harness natural resources utilizing a wealth of subsurface data and emerging technologies to advance the Kingdom's economic diversification and energy ambitions, according to SPA.
The statements also added that there is significant potential for the extraction of energy transition minerals in the Kingdom. For example, Aramco has identified several areas with a high lithium concentration of up to 400 parts per million as part of its operations. The JV will benefit from Aramco's expertise and operations, including the use of existing infrastructure, industry-leading drilling operations, and more than 90 years of geological data in its area of operations.
Aramco Upstream President Nasir K. Al-Naimi said, "This announcement reflects Aramco's focus on positively contributing to the global energy transition. The proposed JV will enable the extraction of energy transition minerals, contributing to the growth of more sustainable energy solutions while diversifying our portfolio for a lower-carbon future. We expect that this partnership will leverage the world's leading upstream enterprise to apply significant low-cost advantages, industry experience, technological innovation, accumulated subsurface knowledge and an integrated supply chain ecosystem, with a view to meeting the Kingdom and potentially the world's projected lithium demand."
Ma'aden Senior Vice President of Exploration Darryl Clark stated, "Ma'aden has been undertaking one of the world's largest single-jurisdiction exploration programs across the Arabian Shield to unearth the estimated $2.5 trillion mineral endowment. This proposed JV would enable us to accelerate exploration of the Arabian Platform, combining Aramco's knowledge of the area with Ma'aden's mining and exploration expertise."
Lithium is a fundamental component of the energy transition, essential for production in fast-growing sectors such as electric vehicles, energy storage, and renewables. The global demand for lithium has tripled over the past five years, and its compound annual growth rate is anticipated to exceed 15% annually through 2035. The JV could help meet the Kingdom's forecasted demand for lithium, which is expected to grow twenty-fold between 2024 and 2030, supporting an estimated 500,000 electric vehicle batteries and 110 GW of renewables.
The planned JV, which is subject to customary closing conditions including regulatory approvals, was announced during the Future Minerals Forum in Riyadh.