The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Saudi Arabia: Ma’aden builds aluminium industry from scratch

Mining company’s CEO hopes credit crunch won’t dent IPO and funding for expansion projects.

Abdallah Dabbagh, Ma’aden

"Our project is not dependent on imported alumina and market fluctuation. Our inputs for the site – bauxite, caustic soda, energy – are local"
Abdallah Dabbagh, Ma’aden

The build bigger approach is characteristic of the Gulf. Are too many aluminium smelters being built in the region? Abdallah Dabbagh, president and chief executive of Ma’aden, Saudi Arabia’s national mining company, thinks the proximity of huge hydrocarbon resources means they will all remain competitive on the global market. In any case, he tells Euromoney: "Ma’aden is not building an aluminium smelter. We are building the largest aluminium industry ever built at one time: we are building a mine, a refinery, a smelter, and a power plant." The Saudi capital market regulator announced in May that Ma’aden could launch an IPO in July. It will be one of the largest ever listings on the local exchange, raising almost $2.5 billion for a 50% sale of the firm. But the Saudi government will probably retain a majority holding, as two state pension funds have each been reserved 5% of the IPO.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree