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Saudi Arabia’s Ma'aden Agrees to Acquire SABIC Stake in Aluminium Bahrain

The Ma'aden headquarters in Riyadh. Asharq Al-Awsat
The Ma'aden headquarters in Riyadh. Asharq Al-Awsat
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Saudi Arabia’s Ma'aden Agrees to Acquire SABIC Stake in Aluminium Bahrain

The Ma'aden headquarters in Riyadh. Asharq Al-Awsat
The Ma'aden headquarters in Riyadh. Asharq Al-Awsat

Saudi Arabian Mining Company (Ma'aden), the region's largest multi-commodity metals and mining company, has agreed to acquire SABIC's 20.62% share in Aluminium Bahrain (ALBA), the company said in a statement.

This move is part of Ma'aden's broader strategy to pursue regional growth opportunities across its business, it said.

According to the statement, the acquisition is a key element of Ma'aden's expansion plans, which aim to increase the company's aluminium business tenfold by 2040. This ambitious growth strategy highlights the pivotal role of aluminium in Ma'aden's future development.

The announcement follows recent news that Ma'aden and Aluminium Bahrain (ALBA) have signed non-binding Heads of Terms to explore the potential creation of a major global aluminium entity in the region.

Ma'aden has also revealed its plans to consolidate its aluminium operations through a Share Purchase and Subscription Agreement with its long-term partner, Alcoa. Under this agreement, Alcoa's shares in Ma'aden Aluminium Company (MAC) and Ma'aden Bauxite and Alumina Company (MBAC) will be exchanged for shares in Ma'aden.

"As we continue to grow, acquiring shares in a well-established regional and global aluminium player strongly supports our ambitions,” said Ma'aden CEO Bob Wilt.

“This week, we have announced several transactions that align with our strategic intent to strengthen and expand our business regionally and internationally, further developing mining as the third pillar of the Saudi economy,” he added.

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UAE, Australia Conclude Negotiations on Comprehensive Economic Partnership Agreement

The negotiations built on the growing economic relations between the UAE and Australia. WAM
The negotiations built on the growing economic relations between the UAE and Australia. WAM
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UAE, Australia Conclude Negotiations on Comprehensive Economic Partnership Agreement

The negotiations built on the growing economic relations between the UAE and Australia. WAM
The negotiations built on the growing economic relations between the UAE and Australia. WAM

The UAE and Australia have finalized negotiations on a landmark Comprehensive Economic Partnership Agreement (CEPA) between the two countries that will, once ratified and implemented, represent Australia’s first trade deal with a country in the MENA region, Emirates News Agency (WAM) reported Tuesday.

The UAE-Australia CEPA will streamline trade processes, eliminate tariffs on a wide range of goods and services, create new opportunities for investment, and encourage private-sector collaboration in priority sectors, WAM said.

The negotiations built on the growing economic relations between the UAE and Australia, with bilateral non-oil trade reaching US$2.3 billion in H1 2024, an increase of 10 percent from H1 2023.

The UAE is Australia’s leading trade partner in the Middle East and its 20th largest partner globally. As of 2023, the two countries have also committed a combined $14 billion to each other’s economies, with more than 300 Australian businesses operating in the UAE in sectors such as construction, financial services, agriculture, and education.

The “CEPA will unlock significant opportunities for UAE businesses and provide Australian companies with a gateway to new markets across the MENA region,” UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said.

As for Australia’s Minister for Trade and Tourism, Don Farrell, he stated: “Australian exports are expected to increase by $460 million per year, but this deal means more for Australia than just numbers. A trade agreement with the UAE will facilitate investment into key sectors, which is important to achieving our ambition of becoming a renewable energy superpower.”

Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $712 billion, a 14.3 percent increase compared to 2022 – and 36.8 percent more than 2021.

A CEPA with Australia will be a significant addition to the UAE's foreign trade network, which is helping to propel non-oil foreign trade towards its target of AED4 trillion ($1.1 trillion) by 2031.