Saudi Arabia unveils $100bln in mining investment opportunities
RIYADH – Saudi Arabia has announced a massive investment opportunity in its mining sector, worth SR375 billion by 2035. Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al-Mudaifer revealed that SR75 billion in investments are already underway. This move highlights the Kingdom's continued push to position itself as a leading player in the global mining and manufacturing industries.
Al-Mudaifer shared this exciting news during a session at the BMO Global Metals, Mining, and Critical Minerals Conference in Miami. The conference, which took place from Sunday to Wednesday, brought together industry leaders to discuss the future of mining and critical minerals. Al-Mudaifer highlighted how Saudi Arabia's Vision 2030, a long-term plan to diversify the economy and reduce dependence on oil, has placed mining at the heart of the Kingdom's economic transformation.
Under Vision 2030, the mining sector has been identified as one of the country's three key pillars for industrial growth. The government has worked hard to modernize laws, create national programs like the National Minerals Program, and foster private sector involvement to attract both domestic and international investments. These efforts have been successful in attracting major global companies looking to capitalize on the Kingdom's rich mineral resources.
Al-Mudaifer pointed out that the value of Saudi Arabia's mineral wealth has skyrocketed in recent years, from SR5 trillion to an estimated SR9.3 trillion. This increase reflects both the growing value of the resources and the progress the Kingdom has made in unlocking the full potential of its mining sector.
Perhaps the most impressive development has been the surge in exploration activities. The number of exploration companies operating in Saudi Arabia has increased dramatically, from just six in 2020 to 133 in 2023. This 22-fold increase in just three years demonstrates the growing interest in the country's mining potential. In total, Saudi Arabia has spent SR1.33 billion on exploration, with annual spending growing by 32% — far above the global average of 6-8%. This investment is not only helping to uncover new mineral reserves but is also creating jobs and boosting the Kingdom's economic diversification goals.
The Kingdom's focus on exploration is paying off. With the rise of global demand for critical minerals, Saudi Arabia is positioning itself as a key supplier in the global market. As Al-Mudaifer noted, the mining sector is rapidly becoming a central pillar of the Kingdom's economic strategy. By attracting international companies and fostering public-private partnerships, Saudi Arabia is set to continue its growth as a mining hub for the next decade and beyond.
In conclusion, the SR375 billion investment in Saudi Arabia's mining sector is a testament to the Kingdom's commitment to Vision 2030 and its determination to become a leader in the global mining industry. With ongoing investments in exploration and a growing number of international partnerships, Saudi Arabia is well on its way to transforming its mining sector into a major economic driver, supporting both its long-term sustainability and global competitiveness.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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