PIF, RSAH sign initial terms for aluminum complex

PIF and RSAH senior executives attend the signing ceremony

The Public Investment Fund (PIF) signed today, Jan. 14, preliminary terms with Red Sea Aluminium Holdings (RSAH) to develop an advanced, fully integrated aluminum complex in Yanbu, western Saudi Arabia.

RSAH is a joint venture between Innovation Global Industries, Innovation New Materials, and Shandong Innovation Group.

The complex, operating under Red Sea Aluminium Industrial (RSAI), which is owned by RSAH, will localize advanced smelting technologies and establish one of the largest continuous casting aluminum plants in the Middle East, producing a broad range of high-value downstream aluminum products.

PIF said the partnership aligns with its strategy to forge regional and international collaborations, attract investment to maximize returns, diversify the economy, localize knowledge, and strengthen strategic sector capabilities. The complex complements its broader industrial portfolio across automotive, power and utilities, electronics, and construction.

The project will leverage RSAH’s technologies and proven mega-cluster development model, benefiting from rising aluminum demand.

PIF noted that the preliminary terms remain subject to partners finalizing transaction documents, meeting pre-agreed conditions, and securing all necessary approvals and authorizations.