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Maaden Seeks Approval for SAR 8.3 Billion Industrial Contracts
Shareholders meet May 3 to ratify deals with Aramco and SABIC. This vertical integration aims to boost EBITDA margins and scale production for Maaden.
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Strategic Expansion in the Kingdom
Saudi Arabian Mining Company (Maaden) has formally announced that its Extraordinary General Meeting (EGM) is scheduled for May 3. The primary objective of this high-stakes assembly is to secure shareholder approval for a series of massive industrial contracts valued at SAR 8.3 billion. These agreements, involving energy giant Saudi Aramco and petrochemical leader SABIC, represent a significant tightening of the vertical integration within Saudi Arabia’s industrial sector.
The Anatomy of the Deal
The proposed contracts are central to Maaden’s ongoing efforts to scale its production capabilities and leverage the Kingdom’s domestic energy and chemical infrastructure. By aligning with Aramco and SABIC, Maaden is positioning itself to optimize supply chain efficiencies and reduce operational costs associated with its mining and refining output. For investors, the sheer scale of the SAR 8.3 billion commitment underscores the company's aggressive capital expenditure strategy as it seeks to diversify the national economy away from crude oil dependency in line with Vision 2030.