Saudi’s New Mining Vehicle Picks Industry Veteran as First CEO
- Manara hires Pierre Chenard to head mining investment firm
- Saudi company is looking to build portfolio after Vale deal
Manara is spearheading Saudi Arabia’s ambitious plan to become a major player in metals and mining.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Saudi Arabia’s Manara Minerals Investment Co. hired veteran dealmaker Pierre Chenard to be its first permanent chief executive officer, as the mining investment firm searches for more assets.
Manara, backed by the Saudi sovereign wealth fund, is spearheading the kingdom’s ambitious plan to become a major player in metals and mining. The vehicle has been tasked with snapping up stakes in mines overseas and funneling the raw materials back to Saudi Arabia for processing.