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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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OECD Sees Global Growth Stabilizing at 3.2% this Year

Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON
Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON
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OECD Sees Global Growth Stabilizing at 3.2% this Year

Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON
Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON

Global growth is in the process of stabilizing as the drag from central bank rate hikes fades and falling inflation boosts households' incomes, the OECD said on Wednesday, marginally raising its outlook for this year.
The world economy was projected to grow 3.2% both this and next year, the Organization for Economic Cooperation and Development forecast, nudging up its 2024 forecast from 3.1% previously while leaving 2025 unchanged, Reuters reported.
As the lagged impact of central bank tightening evaporates, interest rate cuts would boost spending going forward while consumer spending benefitted from lower inflation, the OECD said in an update of its latest economic outlook.
If a recent decline in oil prices persists, global headline inflation could be 0.5 percentage points lower than expected over the coming year, the Paris-based OECD said.
With inflation heading towards central bank targets, the OECD projected that the US Federal Reserve's main interest rate would ease to 3.5% by the end of 2025 from 4.75%-5% currently and European Central Bank would cut to 2.25% from 3.5% now.
US growth was expected to slow from 2.6% this year to 1.6% in 2025 though interest rate cuts would help cushion the slowdown, the OECD said, trimming its 2025 estimate from a forecast of 1.8% in May.
The Chinese economy, the world's second-biggest, was seen slowing from 4.9% in 2024 to 4.5% in 2025 as government stimulus spending is offset by flagging consumer demand and a real estate rut.
The euro zone would help make up for slower growth in the two biggest economies next year with the 20-nation bloc's growth forecast to nearly double from 0.7% growth this year to 1.3% as incomes grow faster than inflation.
The OECD hiked its outlook for the UK economy amid high wage growth, projecting the UK economy expanding by 1.1% in 2024 and 1.2% in 2025, up from May forecasts for 0.4% this year and 1% next year.