Ma’aden is the largest mining company in the Middle East. It is 67.2% owned by Saudi’s Public Investment Fund. In January 2023, the company signed two joint venture agreements with Barrick Gold (Singapore) and Barrick Gold (T7), affiliates of Barrick Gold Corporation, to explore Jabal Sayid South and Umm Ad Damar. In February 2023, Ma'aden's board of directors recommended raising the capital by $3.3 billion, a 50% increase. The capital increase should be approved by competent authorities and an extraordinary general assembly in June 2023.