Saudi Arabia seeks Kuwaiti investment in mining
Saudi Arabia has invited Kuwaiti companies to take advantage of incentives and massive growth in its mining industry to invest in the sector, saying it aims to become a global hub for mineral industries.
Saudi Industry and Mineral Resources Minister Bandar Al-Khorayef told Kuwaitis at a brief investment forum at the Saudi embassy in the capital Kuwait City on Wednesday that the Gulf Kingdom is concentrating on the development of 12 key industries, including metals, cars and aviation as part of its Vision 2030 economic transformation scheme launched eight years ago.
In his comments, published by Kuwait's press on Thursday, the Minister said the mineral wealth in the world's dominant oil exporter is estimated at 9.3 trillion Saudi riyals ($2.48 trillion) but only around 60 percent of the targeted areas have been explored.
'We call on Kuwaiti businessmen and companies to take advantage of the available large opportunities, especially in the mining sector….we have introduced attractive incentives that will facilitate the journey of investors in this sector,' Khorayef said.
'Saudi Arabia is pinning high hopes on the mining sector to achieve economic diversification within Vision 2030…the Kingdom aims to become a pioneering global industrial power and a major centre for metal production and manufacturing.'
Saudi Arabia, which controls the world's second largest proven oil deposits after Venezuela, has awarded metal exploration licenses to hundreds of foreign companies since it began enforcing a mining investment law six years ago.
A senior Saudi official said in early 2025 that the Kingdom has attracted investments of nearly SAR75 billion ($20 billion) to mineral projects, including three phosphate plants.
Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources, also said that there are new investment opportunities available in the Kingdom in the mining sector with a value of nearly $100 billion, covering numerous minerals such as aluminum, iron, titanium, electric battery metals and industries related to solar energy.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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