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2022-06-23

Ajlan & Bros Holding Group and Chifeng Gold Sign Gold Exploration Cooperation Agreement

On 17 June, Ajlan & Bros Mining Company (ABM), a wholly-owned subsidiary of diversified global conglomerate Ajlan & Bros Holding Group, and Chifeng Gold's wholly-owned subsidiary Chijin International (Hong Kong) Co., Ltd. signed a strategic cooperation agreement. The agreement sees both parties jointly investing in the establishment of a joint venture company to carry out gold exploration in Saudi Arabia. The new Sino-Saudi joint venture is the first of its kind to establish a gold exploration company based in Riyadh.

Ajlan Mohammed Alajlan, Deputy Group CEO of Ajlan & Bros Holding Group, said: "We are pleased to have established this strategic partnership with Chifeng Gold, one of China’s largest gold mining groups. With the establishment of this joint venture, we are well placed to further explore the sustainable development opportunities of Saudi Arabia's mining industry, help achieve Saudi ‘Vision 2030’, and contribute to the positive development of the China – Saudi bilateral strategic partnership."

The cooperation between Ajlan & Bros Holding Group and Chifeng Gold will not only support the transformation of Saudi Arabia’s mining industry and offer new digital and sustainable developments but it will also help promote Saudi Arabia as a new rising star in the global mining industry.

The agreement marks another important step for Ajlan & Bros Holding Group as it continues to help Chinese enterprises tap the Middle East and North Africa (MENA) markets. With Saudi Arabia boasting the largest gold reserves in the Arab world and 16th globally, the joint venture explores tremendous opportunities in the region. In recent years, the Group has established joint ventures with several Chinese companies to jointly explore market development potential in Saudi Arabia and the MENA region in e-commerce logistics, financial technology, and e-sports.

The establishment of the gold exploration joint venture demonstrates the Group's deepening commitment to cooperating with Chinese enterprises as they jointly develop huge market potential in the region, as well as the strong support and confidence that both parties have in the ‘Belt and Road Initiative’ and Saudi ‘Vision 2030’.

In 2016, His Royal Highness Mohammed bin Salman, Crown Prince of Saudi Arabia, promulgated Saudi ‘Vision 2030’, establishing the mining industry as the third pillar of Saudi industrial growth. A series of measures were introduced to attract global investors to invest in the development of Saudi Arabian mining, including simplifying approval procedures, providing tax incentives, and optimizing the business environment. In recent years, to ensure that the mining industry operates under formal channels, the Ministry of Industry and Mining of Saudi Arabia has ensured environmental standards are met through on-site visits and by establishing a unified digital platform where investors can apply for and obtain licenses online. The Kingdom has aimed to improve the investment environment of the mining industry and actively promote its sustainable development by reducing processing steps and accelerating digital transformation.

As a diversified global conglomerate with firm roots in Saudi Arabia, Ajlan & Bros Holding Group has always been committed to joining hands and establishing long-term strategic cooperations with top-tier enterprises looking to enter the Middle Eastern market in a vast array of sectors including technology, financial services, gaming, mining, tourism, and logistics. With the continuous in-depth integration of China's ‘Belt and Road’ initiative and Saudi ‘Vision 2030’, the Group has so far reached agreements with Tencent Holdings, SF International, Swiftpass, and other companies in various fields. These agreements have produced mutually beneficial results, bringing a host of significant advantages to all parties and the wider region as a whole.