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Saudi PIF Launches New Local Business Opportunities at PIF Private Sector Forum 2024

Saudi PIF Launches New Local Business Opportunities at PIF Private Sector Forum 2024
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Saudi PIF Launches New Local Business Opportunities at PIF Private Sector Forum 2024

Saudi PIF Launches New Local Business Opportunities at PIF Private Sector Forum 2024

Saudi Arabia’s Public Investment Fund (PIF) held its second PIF Private Sector Forum on Tuesday along with its accompanying exhibition in Riyadh, to foster partnerships between PIF and its portfolio companies, and the private sector, according to a press release from the PIF.

The forum aligns with PIF's strategy to increase local content through its portfolio companies to 60% by the end of 2025.

The event will bring together an array of prominent figures, including ministers, PIF executives, CEOs, thought leaders, and representatives from over 80 PIF portfolio companies. With over 100 booths showcasing portfolio companies and government entities, the event features participation from more than 8,000 private sector professionals across strategic sectors.

The PIF Private Sector Forum 2024 will complement PIF and its portfolio companies' efforts to empower the local private sector, enhancing its competitiveness and capacity for innovation.  

The event will see the launch of new programs and initiatives that aim to diversify the local economy, enhance the capabilities of strategic sectors, boost competitiveness, increase local content and create job opportunities.  

It will highlight the significance of private sector empowerment in driving the local economy and achieving the goals of Vision 2030.

This year's forum will include sessions and workshops addressing strategic topics related to Vision 2030's objectives of empowering and enhancing the private sector and PIF's role in driving this initiative.  

The discussions will cover financing solutions for vendors, opportunities in emerging local sectors, and the impact of private sector investment on value and supply chain development.

The forum will also explore opportunities for collaboration and partnership involving PIF, its portfolio companies and the private sector, providing a significant platform for private sector networking.

The forum will encourage collaboration and partnerships between PIF, its portfolio companies, and the private sector. It will also serve as a platform for private sector networking.

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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.