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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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Global Airlines Trim 2025 Profit Forecast over Trade Tensions, Supply Woes

IATA Director General Willie Walsh (IATA website) 
IATA Director General Willie Walsh (IATA website) 
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Global Airlines Trim 2025 Profit Forecast over Trade Tensions, Supply Woes

IATA Director General Willie Walsh (IATA website) 
IATA Director General Willie Walsh (IATA website) 

Global airlines shaved a key forecast for 2025 industry-wide profits on Monday, blaming trade tensions and declining consumer confidence, while hitting out at “unacceptable” delays in jetliner deliveries that have hindered their growth plans.

The International Air Transport Association (IATA) industry body now expects global airlines to post a combined profit of $36.0 billion this year, down slightly from a previous forecast of $36.6 billion in December, before US President Donald Trump took office. He has since launched a trade war and tightened enforcement of US border controls.

But airline profits are still set to rise from $32.4 billion last year, helped by lower oil prices and record passenger numbers.

IATA issued the widely watched forecasts, which give clues to the wider economy, at an annual meeting of its more than 300 member airlines in New Delhi.

“Earning a $36 billion profit is significant. But that equates to just $7.20 per passenger per segment,” IATA Director General Willie Walsh said in a statement.

That is a thin buffer against any future demand shocks or taxes as the industry returns to a more normal regime after a sharp bounceback in air travel from the pandemic, he said.

Strong employment and easing inflation are expected to push revenues up 1.3% compared to last year.

But airlines will have to wait a little longer to hit the $1 trillion mark after IATA trimmed its prior forecast for industry-wide revenues by 2.1% to $979 billion, which would still be an all-time record.

“It’s been something that has frustrated everybody, particularly airlines who are waiting to take delivery of aircraft or have aircraft sitting on the ground that they’d love to see in service,” Walsh told Reuters in an interview.

In a statement on the new outlook, Walsh called predictions of delays throughout this decade “off-the-chart unacceptable.”

Total expenses for the industry are forecast to reach $913 billion in 2025, up 1.0% from 2024 but below earlier projections of $940 billion, as lower fuel prices help offset rising aircraft maintenance costs.

IATA predicted that cargo revenues would drop 4.7% to $142 billion in 2025, mainly due to reduced global economic growth and trade-dampening protectionist measures, including tariffs.

Amid a tug of war over who should absorb the tariffs, Walsh recognized that some manufacturers would be tempted to pass them on to their customers, but warned this would also push up fares.

“Ultimately, when I look at this, I see consumers are going to have to end up paying for any higher costs that the industry faces,” he told Reuters.