The following is a summary of all announcements from the past month regarding investment deals, partnerships, and other commercial news between U.S. and Saudi companies.
Mining & Metals
U.S. Firm Alcoa Sells Stake in Ma’aden JVs for $150 Million, 2.21 Percent Share of New Capital
American industrial giant Alcoa Corp. (NYSE: AA) is set to sell its stakes in Ma’aden Aluminum Co. and Ma’aden Bauxite and Alumina Co. to the Saudi Arabian Mining Co., or Ma’aden.
Ma’aden is a member of the Business Council.
Power & Water
Shoals Announces Partnership in the Kingdom of Saudi Arabia
Shoals Technologies Group, Inc. (Nasdaq: SHLS), a provider of electrical balance of system solutions for the energy transition market, announced that it has executed a non-binding memorandum of understanding (MoU) with United Utilities Environmental Services to work together in developing localized solar solutions for Saudi Arabia and the region.
ICT
Nintex Announces Investments in Saudi Arabia, Including New Office in Riyadh
Nintex, a provider of process intelligence and automation, announced the opening of its new office located in Riyadh, as part of the company’s ongoing investment in Saudi Arabia and the Middle East.
U.S.-Based SambaNova Sets Sights on Saudi Market
Saudi Arabia’s potential as a global leader in artificial intelligence is drawing attention from major industry players, with SambaNova Systems being one of the latest to invest in the region. The company specializes in providing advanced machine learning and AI solutions to enterprises.
Sports
Topgolf Callaway Brands Corp. (NYSE: MODG) continues its global expansion by entering into a multiyear agreement with Golf Saudi Entertainment, LLC to bring Topgolf Callaway Brands’ family of brands, including Topgolf, Callaway, TravisMathew, Odyssey, and Ogio, to Saudi Arabia.
