Core Insights - The collaboration aims to introduce advanced aluminum smelting and continuous casting technology to the Saudi market [1] - The Public Investment Fund (PIF) is focused on localizing supply chains, expanding exports, and strengthening Saudi Arabia's metal and mining ecosystem to diversify the economy [1] - PIF will continue to enhance Saudi Arabia's manufacturing capabilities [1] Group 1 - PIF and Red Sea Aluminum Holdings (RSAH) have reached a preliminary agreement to develop an integrated downstream aluminum complex in Yanbu, Saudi Arabia [1] - The complex, owned by Red Sea Aluminum Industries (RSAI), will introduce advanced aluminum smelting technology and build one of the largest continuous casting production lines in the Middle East for high-value aluminum products [1] - The announcement was made at the Mining and Future Minerals Forum in Riyadh, aligning with PIF's strategic direction to establish regional and international partnerships and attract investments for economic diversification and technology localization [1] Group 2 - Dr. Muhammad AlDawood, head of PIF's industrial and mining sector, emphasized PIF's commitment to building a globally competitive industrial ecosystem to drive economic transformation and diversification in Saudi Arabia [2] - Tom Northover, Executive Director of RSAH, stated that RSAI aims to become a leader in the global downstream aluminum sector and is committed to meeting the needs of top international clients [2] - The partnership will complement PIF's investments in other strategic sectors such as automotive, electricity, utilities, electronics, and construction [2] Group 3 - The preliminary terms of the agreement require both parties to finalize related transaction documents, meet conditions precedent, and obtain all necessary approvals and authorizations [3]