The Weir Group PLC and Olayan Saudi Holding Co. have formed a new joint venture (JV) to provide mining technology solutions in Saudi Arabia. The new partnership, which was announced during the Future Minerals Forum in Riyadh on January 16, 2025, marks a significant milestone in the longstanding relationship between the two companies, according to Weir.
This JV will leverage the combined strengths of both organizations to serve the rapidly expanding mining market in Saudi Arabia. Weir will bring its extensive expertise in sales and sustainable mining technology solutions, while Olayan will contribute its robust knowledge of Saudi business and deep localization experience.
Under the terms of the JV, Weir will take the lead on sales, technical, and product responsibilities, while Olayan will focus on new business development.
“We are excited to embark on this new partnership with Olayan,” said Jon Stanton, CEO of Weir. “Mining is a core economic pillar within the Kingdom of Saudi Arabia’s Vision 2030 and our joint venture will enable us to support the Kingdom’s rapidly expanding mining industry with our market-leading technologies. Combining Weir’s technical expertise with Olayan’s local insights will allow us to better serve our customers and drive growth in the region.”
“Weir has built significant business in Saudi Arabia over the last 20 years, and we’ve developed strong relationships with the key local mining players,” said Andrew Neilson, president of Weir’s Minerals Division. “With a strong outlook for growth, this JV is the next strategic step in our journey in the Kingdom. No one serves more mines than Weir and we’re only able to do that by being close to where our customers operate.”
“This joint venture marks a significant milestone in our commitment to increasing local content within the value chains of the Kingdom’s rapidly expanding mining industry,” said Salih Merghani, executive vice president for energy services at Olayan. “By collaborating with Weir Group, and leveraging our extensive local service and support network, we are poised to deliver unparalleled value to our customers. This partnership not only strengthens our capabilities but also reinforces our dedication to driving meaningful contributions to the Kingdom’s economic growth and sustainable development.”
Olayan’s journey began in 1947 when Suliman S. Olayan established the first of many companies that now comprise the group. With more than 14,000 employees, it operates across the MENA region, with commercial and industrial activities spanning a portfolio of more than 25 companies in the energy, ICT, health and personal care, F&B, and restaurant sectors.