Hong Kong, September 29, 2025 — Asia Aluminum Group (AAG), a globally leading Hong Kong aluminum extrusion manufacturer with a production base in Mainland China, has signed a master framework agreement with Aluminum Products Company (ALUPCO), the largest aluminum extrusion producer in the Kingdom of Saudi Arabia. The partnership, which includes AAG member companies AluHouse and MacMetal, will launch three new joint ventures. With a total investment of up to US$500 million, the companies will build the largest integrated downstream aluminum industrial base in Saudi Arabia, focusing on aluminum extrusion, modular housing, and solar panel frames.

This landmark partnership is designed to meet the growing demand for aluminum products in the Middle East. By combining their respective strengths and expertise,the partners will develop an integrated downstream aluminum industrial base in Saudi Arabia. The project will adopt advanced and sustainable technologies, exemplifying the goals of China’s Belt and Road Initiative (BRI) to strengthen trade links, foster economic diversification, and advance green technologies across the regions. It is in line with Saudi Vision 2030 and its focus on downstream manufacturing—meaning the transformation of raw aluminum into finished, market-ready products and integrated solutions—as well as cross-regional connectivity and technology transfer.

Senior representatives from the governments of Hong Kong SAR and Saudi Arabia,including Ir Ricky Lau Chun-kit JP, Permanent Secretary for Development (Works); Mr.Nicholas Ho Lik-chi, Commissioner for Belt and Road of HKSAR; and Mr. Mahmoud Al-Asmari, Director of Minerals & Metals at the National Industrial Development Center (NIDC) of Saudi Arabia, alongside key industry leaders, witnessed the signing ceremony in Hong Kong.

Eric Kwong, Vice Chairman of AAG, Chairman of AluHouse, said: “We are pleased to partner with ALUPCO, a company that shares our commitment to innovation and market leadership. Together, we will create the largest downstream aluminum industrial base in the Kingdom of Saudi Arabia, replicating the successful model of world-class industrial base development we pioneered in China more than 30 years ago. This new platform will unlock significant growth opportunities across the Middle East, North Africa (MENA), Europe and the US. This partnership demonstrates the 2 growing bond between China and Saudi Arabia and will be a key driver for the future development of the aluminum downstream industry in the region.”

This robust partnership capitalizes on AAG's established business model withinChina’s Greater Bay Area (GBA), offering a validated value proposition that supports scalable replication and global growth. It brings together AAG’s comprehensive industrial operational expertise, technical know-how and industry-leading technology to the new factory in the Kingdom of Saudi Arabia. AluHouse's innovative success in developing MiC applications for the construction sector, combined with ALUPCO’s in-depth market insight, operational excellence, and strong regional presence, further strengthen this alliance. Facilitated by NIDC in Saudi Arabia, this strategic alliance is set to support and accelerate the Kingdom’s ambitious industrial targets, through phased investments, transfer of technical know-how, and progressive localization, while advancing localized supply chains and strengthening downstream value chains in line with Vision 2030.

The new industrial base, located in Riyadh, the capital city of Saudi Arabia, will span a planned site area of 1,500,000 m2 (150 hectares) and will be developed in two phases. Upon completion of the first phase within 30 months, the facility is expected to create more than 1,800 new jobs and contribute significantly to the local economy.

This initial phase 1 will establish an aluminum downstream production capacity set to become the largest in the Middle East for the following product lines:

• Aluminum Extrusion: 100,000 tons per year, making it the largest facility of its kind in the region

• Solar Panel Frames: 30 million solar panel frames per year, enough to support 25 GW of new solar projects

• Modular Construction: 30,000 residential modules per year, introducing innovative building solutions to the area, including the Modular Integrated

Construction (MiC) systems

Khaled Abdel-Moneim, CEO of ALUPCO, said: “This partnership marks a new chapter in Saudi Arabia’s industrial advancement. Collaborating with AAG, AluHouse, and MacMetal allows us to elevate our manufacturing capabilities and deliver high quality solutions that support sustainable infrastructure and renewable energy projects critical to the Kingdom’s future. We extend our sincere appreciation for the support provided by the National Industrial Development Center (NIDC). Their efforts represent a tangible 3 implementation of Vision 2030, the ambitious national transformation agenda spearheaded by His Royal Highness Crown Prince Mohammed bin Salman. This vision aims to diversify the Saudi economy by developing new industrial sectors, a goal in which this investment is poised to play an active and significant role.”

A new management team will be formed with representation from both AAG and ALUPCO to oversee the ventures. Collectively, these ventures will support Saudi

Arabia’s industrial diversification, enhance sustainable construction practices, and accelerate economic growth across the Saudi Arabia and the wider Middle East and North Africa region. This aligns with the objectives of Vision 2030 to modernize infrastructure and improve environmental stewardship.Looking ahead, AAG plans to integrate its mature supply chain ecosystem from China into the new base to establish a world-class aluminum industry cluster in the region.

Mahmoud Al-Asmari, Director of Metals at the National Industrial Development  Center (NIDC) of Saudi Arabia, said: “This partnership marks a milestone in advancing the Kingdom’s aluminum downstream targets. By enabling the creation of the largest integrated downstream aluminum industrial base in Saudi Arabia, we are not only strengthening Saudi Arabia’s downstream aluminum manufacturing capabilities but also reinforcing the Kingdom’s role as a global hub for sustainable industrial development. NIDC is proud to have initiated this collaboration by introducing AAG and ALUPCO to one another, fostering a partnership that builds local industrial capabilities and maximizes synergies between Saudi manufacturers and leading international partners.

This alliance reflects the Kingdom’s ability to attract world-class expertise, integrate advanced technologies, and localize high-value supply chains. Beyond industrial growth, the partnership will generate quality jobs, accelerate renewable energy adoption, and further solidify Saudi Arabia’s position as a leader in the global aluminum industry.”