Innovation new material enters Saudi market via joint venture

Innovation New Material has announced a strategic move to enter the Saudi Arabian market through a joint investment in an aluminum project. The company's subsidiary, Richmond Management, will collaborate with related entities, including Startford Management and Kingston Management, alongside non-related parties, to invest up to $825.75 million into Red Sea Aluminum Holdings. This investment will fund the "Saudi Red Sea Aluminum Industry Chain Comprehensive Project" in Saudi Arabia. Innovation New Material's share will be $209 Million for a 25.20% stake. Innovation New Material is relinquishing plans for a fully-owned venture in favor of this joint approach to mitigate financial and operational risks, while still capitalizing on the project's potential returns and aligning with Saudi Arabia's "2030 Vision" and China’s "Belt and Road" initiative.