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Lithium gets a USD 200 mn test run
Aramco tapped oilfield services firm National Energy Services Reunited (Nesr) to set up a lithium demonstration project in the Kingdom, according to a statement. The five-year, USD 200 mn agreement will see Nesr’s environmental unit use its proprietary Lithara platform to extract lithium from brine, targeting 2k tons a year of battery-grade lithium carbonate from late 2027.
Why it matters: We reported in January that access to critical minerals like lithium — which goes into rechargeable batteries for everything from phones and laptops to EVs and grid storage — was moving up the policy agenda across the GCC in 2026 as industrial development and energy transition efforts gather pace. The Shura Council already raised the issue of locally sourcing lithium in 2024, citing future demand for electric vehicles.
REMEMBER- Aramco’s efforts to unlock lithium from its oilfield brines date back to 2024, when it teamed up with Maaden and startup Lithium Infinity to launch a commercial pilot for direct lithium extraction after detecting the mineral in brine samples. Aramco and Maaden also signed a non-binding heads of agreement in 2025 to form a lithium extraction joint venture by 2027, and last August set up a mining JV to focus on copper and other critical minerals.
Echelon’s AI raise
AI transformation company Echelon has raised an undisclosed investment round from East40, RAED Ventures, and Avra, alongside Ben Horowitz, to expand AI deployment across Saudi Arabia’s private and public sectors, the firm said in a press release. The company plans to launch an applied AI engineering unit and a training institute in 4Q 2026, followed by a defense-focused division in 1Q 2027. It eventually aims to expand across the wider region.
About the company: Founded 10 years ago in Riyadh by Prince Khalid Bin Bader Al Saud, Echelon connects AI technology providers with businesses and government entities, helping them deploy AI in day-to-day operations. Its partners include Applied Intuition, IFS and Rubrik.
Cenomi bows out
AFG International has retired the Cenomi Retail name from Tadawul, adopting AFG Retail as its trading identity effective 8 October, according to a company statement (pdf). The company’s registered name remains AFG International Company and its ticker stays unchanged at 4240, with existing contracts, franchise agreements, and leadership structure unaffected.
REMEMBER- The rebrand follows UAE conglomerate Al Futtaim’s acquisition of a 49.95% stake in the retailer for SAR 2.5 bn last year. The company changed its registered name to AFG International earlier this year, while keeping Cenomi Retail as its trading name until now.
