Riyadh – Mubasher: Saudi Arabian Mining Company (Maaden) has called for its 16th ordinary general meeting (OGM), scheduled for 14 October 2026, to vote on a significant joint venture (JV) agreement with Saudi Aramco.
The proposed venture, aimed at developing mineral resources in the Arabian Shield, features an initial paid-up capital of SAR 197.50 million.
Under the terms of the shareholders' agreement signed on 2 August 2026, Maaden will hold a 51% stake in the new entity with a contribution of SAR 100.73 million, while Aramco will own 49%.
The partners have further committed to additional funding of up to SAR 1.81 billion, to be provided in proportion to their ownership stakes as the project develops.
The meeting agenda also includes the election of board members for the upcoming session beginning 25 October 2026, for a duration of three years ending 24 October 2029.
Shareholders will review transactions involving related parties, specifically noting the indirect interests of Chairman Yasir Al Rumayyan and Director Mohammed Al Qahtani due to their executive roles at Aramco.
In the first half (H1) of 2026, Maaden’s net profit reached SAR 3.81 billion, a 9.77% increase from SAR 3.47 billion in the previous year.
