The Weir Group PLC and Olayan Saudi Holding Company have agreed to form a new joint venture to provide mining technology solutions in Saudi Arabia, looking to leverage a partnership that started in the Kingdom almost two decades and was focused on the oil & gas industry.

This new partnership was officially unveiled during the Future Minerals Forum in Riyadh on January 16, marking, the companies say, a significant milestone in the longstanding relationship between them.

Weir’s current Saudi Arabia mining exposure is “modest”, CEO Jon Stanton told IM during an interview at the event, entailing mostly mining pump applications. He said the new JV with Olayan would set the company up to take advantage of major mining growth prospects in the Kingdom, underwritten by the Vision 2030 initiative.

“We need to bring the whole flowsheet, as well as the ESCO offering, to Saudi Arabia in a more meaningful way,” he said.

The sustainability focus of Weir, plus its commitment to be close to its mine site customers, made the perfect recipe to establish a firm foothold in the Kingdom, according to Salih Merghani, Executive Vice President for Energy Services at Olayan.

“We want to sustainably drive the mining expansion in the country side-by-side with Weir,” he said.

The current plan for the JV will see Weir take the lead on sales, technical and product responsibilities, while Olayan focuses on new business development, capitalising on its strong presence and knowledge of the regional market.

Stanton added: “Olayan are a trusted partner that will help us develop local relationships.”

Meghani said the JV was about more than making sales to a new crop of greenfield projects springing up in one of the major mining and exploration growth countries.

“We are looking to bring more than the equipment to Saudi; we want to create additional local value that the economy will benefit from,” he said.

Stanton explained that, in the interim, that local content could entail Weir mobilising equipment assembly, as well as service work, to Saudi Arabia for projects in the Kingdom. He hoped the company could retain its global ambition of having a facility within 200 km of any major mine it services as the Kingdom’s mining prospects grew too.

Stanton expected the company’s existing case studies for dry processing equipment, on top of a growing crop of energy-efficient mine deployments, to stand the company in good stead for future project tenders.

“As is always the case wherever we go across the globe, we have great technology to offer that is relevant for the local conditions,” he said. “This, plus our service offering and the support of Olayan, puts us in pole position in Saudi Arabia’s emerging mining sector.”

Pictured above is the signing ceremony at FMF 2025. From left to right: Salih Merghani, Executive Vice President for Energy Services, Olayan Group Saudi Holding Company; Ahmad Fakih, Deputy Minister of Legal Affairs and Regulations; Uwaidh Al Harethi, CEO, Olayan Group Saudi Holding Company; Jon Stanton, CEO, Weir Group; Turki Al Babtain, Deputy Minister of Mining Development, Ministry of Industry and Mineral Resources, Saudia Arabia.