Saudi Gold Refinery Co. eyes to become 2nd largest company in mining sector: chairman 

RIYADH: Saudi contracting firm Nesma & Partners is keen to explore new opportunities to expand and diversify its income streams, particularly in the mining business, a top executive has revealed. 

Attending the Future Minerals Forum in Riyadh, the firm’s President and CEO Samer Abdelsamad emphasized that events like these focus on the evolution of robust minerals and metals supply chains, serving as platforms for companies to boost growth prospects. 

In an interview with Arab News, he stated that this is a good opportunity for his company to understand the potential and identify participants with whom they can collaborate. “We are here to actually network and try to see who can be a good partner that we can work with,” added Abdelsamad. 

He mentioned that the significance of the event is evident from the attendance, the sponsors, and all the people present. “It is going to be where we will be able to contribute, being one of the leading Saudi contractors in the Kingdom,” he said.   

Established in 1981 to meet the demands of Saudi Arabia’s rapidly developing economy, Nesma & Partners is owned by four shareholders, including the Public Investment Fund. 

Abdelsamad provided insights into the company’s operations, highlighting their engagement in three primary business lines: energy, buildings, and infrastructure. 

“Under energy, we are very interested in the mining business, especially that we have had past experience in doing mining works in the Kingdom, down in the Najran area,” he said.  

The CEO added that their main client is Saudi Aramco, with whom they are working in both upstream, midstream, and downstream.  

He pointed out that they are also focused on renewables, especially since their company acquired the global engineering company, Kent. 

“With that, we’ll be able to open the opportunity for us to go into the renewables business as well as the energy,” he said.   

Abdelsamad highlighted the company’s active involvement in most of the ongoing giga projects in Saudi Arabia. “We are involved in most of the major projects. We are involved in NEOM, Diriyah, and we are tendering for Qiddiya. So, we are prepared, and we are ready for the projects that are coming.”   

He emphasized the goal is to ensure they prepare for the projects and are capable of delivering and adding value.

Commenting on Saudi Arabia’s elevation of projections for undiscovered mineral potential by 90 percent to $2.5 trillion, as stated by the minister of industry and mineral resources, Abdelsamad described the figure as “amazing.” 

He added: “The numbers are humongous, and that is why I think we need to be ready. The whole idea of us being here is to prepare and make sure we are ready to be able to deliver on the promises that are going to be made.” 

However, he stressed that, at the end of the day, the challenge will be resources.

“You need to find the right resources, the right capabilities to be able to deliver and to find the right partner that is going to give us the expertise and the technology to be able to ... and one of the things that we will seek is definitely to have a center of excellence where we can grow locally as well.” 

The executive emphasized the necessity of ensuring readiness for the potential opportunities on the horizon, stating, “There is a lot coming, and I don't think there is enough to cater for what is coming. So, this is where we need to be preparing for the future.” 

The CEO highlighted the company’s collaborative ventures through mergers and acquisitions, exploring additional opportunities to enhance capacity and capabilities in their portfolio. 

Addressing Nesma & Partners’ growth over the last three years, Abdelsamad emphasized a significant increase in the company’s workforce, soaring from 18,000 to over 38,000 employees. 

“So, that tells you how we are working alongside the growth that is happening. Our revenue has almost tripled. So, this indicates how the company is growing, where we’re going, and yet, we still need to be preparing for what is coming,” he said. 

Abdelsamad concluded by stating that they have already initiated efforts in the energy sector, anticipating its value addition to the company.  Additionally, he mentioned the firm’s ongoing exploration of other potentials within the energy sector and, naturally, in the infrastructure domain as well.