Yamama Cement Company has announced that it has signed a non-binding memorandum of understanding with key regional entities - Obeikan Investment Group and Sultan Holding Company - for the establishment of a holding company for investment in the field of metals industry in the Kingdom of Saudi Arabia.

 

The new joint venture will focus on production of minerals such as lithium, graphite and silica, said  Yamama Cement Company in its filing to Saudi bourse Tadawul.

 

Obeikan Investment Group is one of Saudi Arabia's leading player in packaging, education and health sector, while Sultan Holding is a family office located in Riyadh involved in real estate and hospitality projects in the Middle East.

 

Yamama Cement received the go-ahead for the new venture from the board of directors at its meeting held recently, it added.-TradeArabia News Service