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Ma’aden: Fuelling Saudia Arabia's economic diversification and sustainability goals

Brand Finance
29 April 2024

Ma’aden has seen promising growth during this past year, now named the 6th fastest growing brand in Saudia Arabia. Committed to driving the Kingdom's Vision 2030 transformation and economic diversification, Ma'aden has continued on its expansion journey and delivery of major mining projects. The brand is also investing heavily in its ESG journey, launching pioneering sustainability initiatives and fostering a stable and inclusive working environment for its employees. Read more about Ma'aden's transformative journey in a new brand spotlight with Ahmed Al-Shaikh, Chief Transformation Officer at Ma'aden.

Interview with Ahmed Al-Shaikh

Ahmed Al-Shaikh
Chief Transformation Officer, Ma'aden

With Ma’aden growing 35% in brand value and the 6th fastest growing brand in Saudi Arabia, what would you consider the defining moments and milestones in building the Ma’aden brand over the last year?

Ma’aden achieved numerous milestones in the past year as we continued our growth journey as one of Saudi Arabia’s leading brands.

We strengthened our position as a strong driver for the Kingdom’s Vision 2030 transformation and economic diversification. We continued to expanded operations across Saudi Arabia with our Phosphate 3 megaproject and flagship Mansourah Massarah Gold Mine project, enabling us to build the mining sector as the third pillar of the economy.

We are also making major contributions to Saudi Arabia’s wider social and economic development, deepening our brand’s commitment to ESG leadership. In 2023 we launched Saudi Arabia’s first bachelor’s degree program in Mining Science and Engineering with King Fahd University of Petroleum and Minerals, helping to train the next generation of mining leaders. Last year we also established a third School of Excellence in Arar which provides female students in the remote Northern Borders region with a world-class STEM education.

In addition, we announced a series of major sustainability initiatives including partnering with WAVE to help protect the world’s sea and maritime assets and working with the Royal Commission of Jubail and Yanbu to establish a national mangrove park, helping to drive forward the goals of the Kingdom’s Saudi Green Initiative (SGI). As an ESG leader in the Kingdom, we continued to make reductions in carbon emissions across our business with major investments in energy and water efficiency, carbon capture solutions and innovative new technologies within our operations including piloting Saudi Arabia’s first hydrogen truck.

We also continued to invest heavily in our employees as we made strides in becoming the employer of choice in the Kingdom. We introduced training and leadership initiatives to support our talent by enhancing their skills and fulfilling their potential at Ma’aden, training over 5,691 of our employees. We also continued to build a secure and supportive work environment as we expanded our excellence in health and safety and introduced a range of workplace employee wellbeing and inclusivity initiatives.

Globally, we have established ourselves as an ambitious exploration partner in the sector, launching joint ventures with global mining leaders including Ivanhoe Electric and Barrick Gold to explore Saudi Arabia’s mineral riches. These partnerships marked a major step for Ma’aden as it continues to drive global interest in Saudi Arabia’s mining potential.

How do you see Ma’aden contributing to Saudi Arabia’s economic transformation and towards Vision 2030?

Ma’aden continues to lead the drive towards establishing the mining sector as the third pillar of the Saudi economy. This means unearthing the Kingdom’s vast mineral potential, estimated at $2.5 trillion.

We are leading significant investments in exploration and mining operations that will expand Saudi Arabia’s portfolio of minerals and metals, including gold and copper. We are also ramping up production operations in phosphate and aluminum in Saudi Arabia as we build a minerals powerhouse that operates from mine to market.

The minerals we mine will continue to fuel Saudi Arabia’s industrial transformation. While our aluminum feeds key industries including EV manufacturing and construction, we are also expanding the Kingdom’s role in international supply chains, such as with phosphate fertilizers which play a critical role in global food security.

Ma’aden also plays a role in building international resilience in the supply of critical minerals required to support decarbonization. Manara Minerals, a joint venture launched by Ma’aden and the PIF in 2023, is investing in key overseas projects to support the global production of minerals essential for the energy transition.

On top of this, we are making major contributions to skills and education in Saudi Arabia. By launching major educational initiatives and investing heavily in the development of our employees, we are building a future workforce that will continue to transform and grow the Kingdom’s economy.

About the Author

Brand Finance is the world’s leading independent brand valuation and strategy consultancy. Headquartered in the City of London, we are present in over 20 countries.

For almost 30 years we have helped companies and organisations of all types to connect their brands to the bottom line.