Saudi Arabia’s Al Haytham Mining Company is considering acquiring a stake in Egypt’s Afaq Mining, Asharq News reported, citing CEO Khaled Al Jahdali.

The Saudi company’s board plans to offer a share of the company’s stocks on the Saudi Exchange (Tadawul) in the end of 2025, Al Jahdali stated on the sidelines of the third edition of the Egypt Mining Forum (EMF), held in Cairo on 16 July 2024.

Al Jahdali revealed that a global consultant has been appointed for the IPO process, and the percentage of shares to be offered is currently being determined.

In November 2023, Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources, announced that the mining sector aims to contribute $80 billion to the gross domestic product by 2030.

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