Riyadh – Sharikat Mubasher: SIJ, Slovenia's leading steel group, entered into a landmark €1.5 billion agreement with the Saudi Arabian government to establish a cutting-edge industrial facility in the Kingdom.

The Slovenian Finance Ministry announced on Friday that this marks the largest single overseas investment ever undertaken by a Slovenian company, with Saudi Arabia set to finance the majority of the project, as reported by Reuters.

The venture will see the development of electro-steel and premium hot-rolled strip production in Ras Al-Khair, an industrial hub in southeastern Saudi Arabia. Slovenia's contribution will center on providing advanced technology and expertise, underscoring the strategic importance of the project for the Saudi economy. The facility is slated to begin operations in 2029.

The agreement was signed during the Future Minerals Forum by Andrey Zubitskiy, SIJ Chairman and Saeed Al Zahrani, a representative of the Saudi partner WAHAJ.

Finance Minister Klemen Boštjančič, who played a key role in facilitating the deal, attended the signing and held multiple high-level meetings in Riyadh to strengthen bilateral ties.

Boštjančič expressed support for the initiative during a prior visit to Saudi Arabia in October. At the forum, he held discussions with Saudi Deputy Finance Minister Abdulmuhsen Al-Khalaf, where they highlighted progress on a double taxation avoidance agreement. Talks also extended to Saudi Deputy Investment Minister Abdullah Aldubaikhi, with a focus on organizing expert roundtables to advance the partnership.

Additionally, the Slovenian minister met with Industry and Mineral Resources Minister Bandar Ibrahim Alkhorayef and Economy and Planning Minister Faisal bin Fadhil Alibrahim to explore ways of bolstering economic collaboration between the two nations.