UK’s J.O. Steel Holdings to invest $865m in Saudi Arabia

The investment is in line with the Saudi government’s National Steel Strategy, which aims to expand Saudi flat steel production as a part of Vision 2030.
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Updated 01 September 2022
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UK’s J.O. Steel Holdings to invest $865m in Saudi Arabia

RIYADH: UK-based steelmaker J.O. Steel Holdings will invest $865 million to build an integrated billet manufacturing plant in Saudi Arabia’s Ras Al-Khair Industrial City, according to a statement released by London Stock Exchange.

For the given investment, the firm has procured a $692 million credit facility from a consortium of banks led by the Saudi British Bank, along with $173 million in equity to be raised through convertible warrants.

The investment is in line with the Saudi government’s National Steel Strategy, which aims to expand Saudi flat steel production as a part of Vision 2030.

Belgian industrialist Javed Opgenhaffen holds 92 percent stake in J.O. Steel Holdings, and the company currently owns shares in various steel plants located in South Asia and Africa.


Mawani, Qatar Ports ink cooperation deal to boost regional maritime trade 

Updated 18 February 2026
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Mawani, Qatar Ports ink cooperation deal to boost regional maritime trade 

RIYADH: The Saudi Ports Authority, or Mawani, and Qatar Ports Management Co. signed a memorandum of understanding aimed at boosting maritime and logistics cooperation, contributing to the development of the ports sector, raising operational efficiency, and supporting regional and international trade flows. 

The MoU was signed by Mawani President Suliman Al-Mazroua and Qatar Ports Management Co. CEO Abdullah Mohammed Al-Khanji, in the presence of Qatari Ambassador to Saudi Arabia Bandar bin Mohammed Al-Attiyah. 

The step reflects both sides’ commitment to building effective partnerships, exchanging expertise, establishing an organized framework for cooperation management, and developing joint investment opportunities in line with Saudi Vision 2030 and Qatar National Vision 2030. 

The MoU outlines eight key areas of cooperation, including the exchange of best practices in port management and operations, and studying opportunities for direct maritime and land connectivity between the two countries’ ports to enhance trade efficiency. 

It also includes collaboration in logistics services, exploring the establishment of joint maritime corridors serving bilateral and regional trade, and assessing the feasibility of creating shared regional distribution centers. 

Both parties agreed to enhance cooperation in digital transformation and artificial intelligence, focusing on smart systems, data governance, and a unified maritime window to improve operational efficiency and remain at the forefront of technological progress in the maritime sector. 

The MoU emphasizes maritime safety and environmental protection, including the exchange of expertise on marine pollution control and emergency response, the development of joint maritime emergency plans, and the establishment of a bilateral emergency communication line.  

It also promotes collaboration to ensure compliance with international conventions, conduct joint exercises, and implement risk-monitoring systems. 

Cooperation further extends to human capital development through joint training programs and on-the-ground expertise exchanges, as well as academic and research partnerships in maritime transport and logistics. 

Regarding joint investment, both parties will explore local and international opportunities in ports and related services, coordinating with the private sector to support these initiatives. 

The MoU also includes cooperation in cruise tourism through enhanced maritime connectivity and joint promotion of Gulf cruise routes, as well as coordination of positions in international maritime organizations and support for joint initiatives, notably “Green Ports” and “Safe Sea Corridors.” 

This memorandum reflects the commitment of Mawani and Qatar Ports Management Co. to advancing the ports sector and boosting its role as a key driver of trade and economic growth, contributing to Gulf integration, and enhancing regional competitiveness in maritime services.