Saudi Aramco, Abilitii ink MoU to set up carbon fiber plant in Saudi Arabia

Saudi Aramco and Ajlan Bros. Holding Group (Abilitii) signed a memorandum of understanding (MoU) to identify and evaluate the business opportunities and arrangements arising from the establishment of a carbon fiber plant in Saudi Arabia.

Ali Al Hazmi, CEO of Abilitii, said: “Through our investment, we aim to build a leading manufacturing company that will have a positive impact on the Saudi society and a positive contribution to the country’s economy."

"We live in an ambitious country that has Vision 2030 as a guiding framework. Through our partnership with Saudi Aramco, we are determined to find the right business opportunities and make significant investments to produce carbon fiber and related products in the Kingdom," Al Hazmi added.

Under the MoU, Abilitii will invest in opportunities related to the manufacturing of carbon fibers. In addition, the two parties will cooperate in the development of projects related to the domestic manufacturing of carbon fibers and products related to value chain, including the possible cooperation in research and development of the carbon fiber industry and analysis of other services related to carbon fiber materials and products.