The partnership will form three joint ventures, including AAG member companies AluHouse and MacMetal, With a total investment of up to US$500 million, the companies will build the largest integrated downstream aluminum industrial base in Saudi Arabia, focusing on aluminum extrusion, modular housing, and solar panel frames.

Mahmoud Al-Asmari, Director of Metals at the National Industrial Development Center (NIDC) of Saudi Arabia, said: "This partnership marks a milestone in advancing the Kingdom's aluminum downstream targets. By enabling the creation of the largest integrated downstream aluminum industrial base in Saudi Arabia, we are not only strengthening Saudi Arabia's downstream aluminum manufacturing capabilities but also reinforcing the Kingdom's role as a global hub for sustainable industrial development.

NIDC is proud to have initiated this collaboration by introducing AAG and ALUPCO to one another, fostering a partnership that builds local industrial capabilities and maximizes synergies between Saudi manufacturers and leading international partners. This alliance reflects the Kingdom's ability to attract world-class expertise, integrate advanced technologies, and localize high-value supply chains.

Beyond industrial growth, the partnership will generate quality jobs, accelerate renewable energy adoption, and further solidify Saudi Arabia's position as a leader in the global aluminum industry."

Khaled Abdel-Moneim, CEO of ALUPCO, said: "This partnership marks a new chapter in Saudi Arabia's industrial advancement. Collaborating with AAG, AluHouse, and MacMetal allows us to elevate our manufacturing capabilities and deliver high-quality solutions that support sustainable infrastructure and renewable energy projects critical to the Kingdom's future.

We extend our sincere appreciation for the support provided by the National Industrial Development Center (NIDC). Their efforts represent a tangible implementation of Vision 2030, the ambitious national transformation agenda spearheaded by His Royal Highness Crown Prince Mohammed bin Salman. This vision aims to diversify the Saudi economy by developing new industrial sectors, a goal in which this investment is poised to play an active and significant role."

Eric Kwong, Vice Chairman of AAG, Chairman of AluHouse, said: "We are pleased to partner with ALUPCO, a company that shares our commitment to innovation and market leadership. Together, we will create the largest downstream aluminum industrial base in Saudi Arabia, replicating the successful model of world-class industrial base development we pioneered in China over 30 years ago. This new platform will unlock significant growth opportunities across the Middle East, North Africa, Europe and the US. This partnership demonstrates the growing bond between China and Saudi Arabia and will be a key driver for the future development of the aluminum downstream industry in the region."

The new industrial base in Riyadh will cover 1.5 million m² (15 hectares) and develop in two phases. Phase one, to be completed in 30 months, will create over 1,800 jobs and significantly boost the local economy.

Phase one production capacity includes:

• Aluminum Extrusion: with a total production capacity projected to reach 200,000 tons, divided into two phases : phase 1 with 100,000 tons and phase 2 with 100,000 tons. The project includes building the most advanced extrusion factory, equipped with smart robotic automation equipment, making it the largest and most advanced facility of its kind in the region.
• Solar Panel Frames: 30 million solar panel frames per year, enough to support 25 GW of new solar projects
• Modular Construction: 30,000 residential modules per year, introducing innovative building solutions to the area, including the Modular Integrated Construction (MiC) systems

Hashtag: #ALUPCO #AAG

The issuer is solely responsible for the content of this announcement.

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