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UAE-based EGA, Saudi Ma’aden endorse tech cooperation

UAE-based EGA, Saudi Ma’aden endorse tech cooperation
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UAE - Mubasher: Emirates Global Aluminium (EGA) and Saudi Arabian Mining Company (Ma’aden) have extended their memorandum of understanding (MoU) for further collaboration on technology related to aluminium smelting.

Upon the agreement that was initially signed in 2018, EGA and Ma’aden will develop the aluminium smelting technology, including news methods to lower greenhouse gas emissions, according to a press release on Thursday. 

Moreover, the two companies might team up on operating by-products from processes in the aluminium value chain and aluminium recycling.

CEO of EGA, Abdulnasser bin Kalban, said: “The successful tackling of big challenges can only be accelerated by companies working together.”

Meanwhile, Senior Vice President of Ma’aden, Riyadh Al Nassar, noted: “This partnership aims to increase the cooperation between Ma’aden and EGA to work together, including towards more sustainable aluminium production.”

In 2021, EGA recorded net profits worth AED 5.5 billion ($1.5 billion), a leap of 1,140% from AED 445 million ($121 million) in 2020.

On the other hand, the Saudi listed firm Ma’aden turned to profitability at SAR 5.22 billion in 2021, against net losses worth SAR 208.98 million in the previous year.