CR Powered by Epiroc says it has solidified its presence in the rapidly growing mining sector of the Middle East by signing a dealership agreement with Rasi Investment Co., a prominent investment firm in Saudi Arabia involved in mining, contracting, real estate, IT and trading.
This strategic partnership, facilitated by Austrade, represents a significant advancement for CR Powered by Epiroc in meeting the increasing demands of Saudi Arabia’s dynamic mining industry, it says.
Eng Meshary Al-Ali, Chairman of Rasi Investment Co, stated: “Partnering with CR Powered by Epiroc, the leading supplier of ground engagement tools (GET) and digital solutions, enables our mining operators in the Kingdom to source application-appropriate tools while considering engineering, manufacturing, and supply chain variables. This collaboration will help reduce downtime and increase productivity by at least 5%.”
As Saudi Arabia ramps up its adoption of advanced mining technologies, the heavy equipment market is projected to exceed $4 billion. The Kingdom is actively seeking to tap into its untapped mineral reserves, which have surged from a 2016 estimate of $1.3 trillion to $2.5 trillion, according to Minister of Industry and Mineral Resources, Bandar Al Khorayef. These reserves include essential resources such as copper, gold, phosphates, zinc, and uranium, underscoring the need for cutting-edge mining equipment and digital solutions.
In alignment with Saudi Vision 2030, the country’s comprehensive roadmap for economic development and diversification, the mining sector has been identified as the third pillar of the Kingdom’s economy, alongside petroleum and petrochemicals. By 2030, the sector is expected to contribute 240 billion Saudi riyals ($64 billion) to the GDP, marking a fourfold increase from 2015 levels.
Chairman Eng. Meshary, also the CEO of Golden Compass, one of the leading mining service companies in Saudi Arabia, emphasised the importance of this alliance: “By choosing a trusted partner like CR Powered by Epiroc, we are establishing a robust alliance that will ensure our products perform at their peak in the Kingdom, leveraging GET and digital solutions to generate valuable data that underpins new insights and enhances mining operations.”
Paul Scutt, CEO of CR Powered by Epiroc, added: “We are excited to announce this partnership with Rasi Investment Co as our authorised dealer in Saudi Arabia. This agreement is a critical milestone for CR Power by Epiroc as we expand into key regions vital to the future of mining in the Middle East and globally. Rasi Investment Co’s extensive local market knowledge, combined with our cutting-edge technology, will allow us to deliver exceptional value to our customers. We look forward to a successful collaboration that drives innovation and efficiency in the global mining industry.”
Miguel Guimaraes, Head of East Australasia and India of CR Powered by Epiroc, added, “This alliance with Rasi Investment Co establishes a strong footprint in the Kingdom with a trusted local partner well-established in the mining sector. Our proactive collaboration is a step forward toward realising Saudi Vision 2030, supporting local industrial development, creating jobs, boosting productivity in mining projects and reinforcing the mining sector’s role as the economy’s third pillar.”
David Shao, Global Engagement Manager at Austrade, highlighted the international reputation of Australia’s METS sector, saying: “Saudi Arabia is an important trading partner for Australia. Two-way goods and services trade totaled $2.7 billion in 2023. As the mining sector in Saudi Arabia evolves, there are opportunities for enhanced safety and productivity through closer economic ties with Australia, a recognised leader in the METS sector.”