Since Saudi Arabia launched its "Vision 2030" and the "National Transformation Program" in 2016 to diversify its economy away from oil dependence, significant reforms have begun yielding results. In line with these efforts, Ajlan & Bros Holding Group, a key supporter of Saudi Vision 2030, recently signed a Memorandum of Understanding (MoU) with Saudi Arabian Oil Company (Saudi Aramco) to identify and evaluate commercial opportunities in carbon fiber manufacturing and related value-chain development within the Kingdom.
Ali Al Hazmi, CEO of Ajlan & Bros Holding Group, stated: "We aim to contribute to the economy by investing in the establishment of a leading manufacturing company that creates positive impacts for Saudi society. Guided by Vision 2030, our collaboration with Saudi Aramco underscores our commitment to exploring viable opportunities and making substantial investments in Saudi-based carbon fiber production and related projects."
Under the MoU, Ajlan & Bros will evaluate potential investments in carbon fiber manufacturing. The agreement also stipulates cooperation on local value-chain projects, including research and development (R&D) in carbon fiber technologies and analysis of services related to carbon fiber materials and products.
Additionally, as the largest Saudi private enterprise in China, Ajlan & Bros is dedicated to leading Vision 2030-aligned industries. The group actively empowers Chinese companies to expand into the Middle East and North Africa (MENA) region, fostering deeper economic and trade ties between China and Saudi Arabia.
