Saudi Arabian Mining Company, or Ma'aden as the kingdom's biggest metals producer is known, is working with financial advisers including Michael Klein as it restructures its balance sheet and scouts for potential acquisitions, according to people familiar with the matter.
Mr Klein, the former Citigroup investment banker who runs his own boutique advisory firm, is giving the company, strategic advice, the people said who asked not to be identified because the information is private.
HSBC Holdings is advising on its capital market plans, while JP Morgan Chase is helping the mining major to identify potential deal opportunities, some of the people said.
A spokesman for Ma'aden declined to comment, while Mr Klein couldn't be reached for a comment. JPMorgan and HSBC also declined to comment.
Saudi Arabia has identified Ma'aden as one of its so-called national champions and plans to boost its international competitiveness and profile, people familiar with the plans said in late 2016. The company is looking to expand internationally through mergers and acquisitions, former chief executive
Khaled Al Mudaifer said in an interview in October. Deals will be focused on industrial metals and fertilizers, he said at the time.
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Mr Klein, 54, is a prolific force in the mergers and acquisitions industry and one of Saudi Arabia’s key international advisers on its plans to diversify its economy away from oil. He’s working with the kingdom’s sovereign wealth fund, the Public Investment Fund, on its partnerships with international companies and cooperating closely with its managing director Yasir Al-Rumayyan.
Mr Klein is also said to have provided strategic advice to the Saudi government on the initial public offering of state-owned Saudi Aramco.
Elsewhere, Mr Klein has landed roles advising on some of the biggest deals in the past few years. His firm, M Klein & Company, was listed first among advisers to Dow Chemical on its merger with DuPont, one of the largest-ever chemicals deals. He also worked as a go-between for the chief executive officers on Glencore 2012 merger with Xstrata.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
Abu Dhabi Sustainability Week
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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