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Saudi Arabia’s sovereign wealth vehicle, the Public Investment Fund, and Riyadh-based Red Sea Aluminium Holdings (RSAH) have signed an agreement to develop a fully integrated downstream aluminium complex in Yanbu, Saudi Arabia.

RSAH is a joint venture of Chinese firms, including Innovation Global Industries, Innovation New Materials and Shandong Innovation Group.

RSAH will introduce advanced smelting technologies, in partnership with Red Sea Aluminium Industrial (RSAI), to Saudi Arabia and develop one of the Middle East’s largest continuous casting facilities, producing a wide range of high-value downstream aluminium products.

The agreement was announced at the Future Minerals Forum in Riyadh.

MEED understands that construction of the project’s first phase is already under way, with China Minmetals Twenty-Third Metallurgical Construction Company undertaking the work.

It is understood that the first phase covers the main production areas and supporting facilities, including an aluminium deep processing system, a casting rod and auxiliary circulating water pumping station, a 230KV substation, a cold rolling workshop, an aluminium foil workshop, a casting and rolling workshop, and a rainwater collection system.

The scope also includes the construction of a sewage treatment plant, a wastewater treatment plant, a rainwater lifting pumping station, a hazardous waste storage facility and other associated facilities.

The project will span more than 7 square kilometres across all phases and is expected to cost SR38bn ($10bn).

READ THE JANUARY 2026 MEED BUSINESS REVIEW – click here to view PDF

Saudi Arabia courts real estate investment; EVs and battery production are key regional tech themes; Muscat holds a steady growth course despite headwinds

Distributed to senior decision-makers in the region and around the world, the January 2026 edition of MEED Business Review includes: