Slovenia’s SIJ Group has signed a landmark Memorandum of Understanding with the Saudi Arabian government, pledging €1.5 billion to establish a state-of-the-art manufacturing facility in Ras Al-Khair, Saudi Arabia. The collaboration, in partnership with WAHAJ, will focus on producing advanced electrical steel and premium cold-rolled coils, vital components for electric vehicle (EV) manufacturing.
As a global leader in recycling-based steel production, SIJ will bring its industry expertise to the venture, while Saudi Arabia will finance the majority of the project. The facility is slated to begin operations in 2029, aligning with Saudi Arabia’s ambitious plan to manufacture 500,000 EVs annually by 2030.
This strategic move marks a significant expansion of SIJ’s presence in the Middle East, positioning the company to capitalize on the rapidly growing EV market. The project underscores Slovenia’s rising prominence in the global automotive supply chain and Saudi Arabia’s commitment to diversifying its economy through sustainable industries.
