Eczacibasi Holding’s industrial and metallic minerals subsidiary, Esan Eczacibasi, will invest in Saudi Arabia, according to a statement from the Saudi Exchange.
Esan Eczacibasi, the Saudi Arabia-based Almasane Alkobra Mining (Amak), and the UAE-based Arab Mining Co. signed a letter of intent to establish a joint venture with a capital of USD 267,000 or SAR 1m.
The joint venture is expected to operate in the industrial mining sector.
Each of Esan Eczacibasi and Amak will have a 45% share in the company, while the remaining 10% will belong to Arab Mining.
The partnership will include quartz, feldspar, silica sand, and different clay minerals operations.