Saudi Arabia Unleashes New Horizons for Mining Cooperation with Russia
During the meeting, both ministers discussed the Saudi-Russian cooperation and explored how to further boost the bilateral collaboration in mining sector.
They also stressed the significance of international cooperation to unleash new horizons for mining industry address the global challenges to secure a sustainable future for this growing sector. Bandar Alkhorayef
Crucially, the meeting also delved into possible opportunities for collaboration between both Russia and Saudi Arabia to expand mineral exploration and deploy advanced mining technologies.
The meeting was an integral part of Alkhorayef's visit to Moscow to expand strategic economic partnerships with Russia, particularly in the industrial and mining sectors.
Saudi Mining Sector
After launching Vision 2030, the Kingdom has taken serious steps to end its dependency on oil and unleash new horizons of diversified economy.
The Kingdom's comprehensive road map for economic development and diversification has singled out the mining sector as the potential third 'pillar' of the industry after petroleum and petrochemicals.
The Ministry of Industry and Mineral Resources has brought together its visions and objectives under the umbrella of the National Industrial Development and Logistics Program (NIDLP). NIDLP
NIDLP includes 4 main sectors: energy, industry, mining, and logistics.
It marks the Kingdom's pursuit to becoming a pioneering industrial powerhouse and prestigious global logistics hub.
The program primarily aims at positioning the Kingdom as an effective key player in the energy, mining, logistics as well as industry sectors.
To this end, it set a comprehensive mining strategy that includes 38 initiatives designed to foster mining exploration and development.
The initiative sheds light on Saudi Arabia's status as the fourth-largest net importer of these materials in the world. This fact represents a golden opportunity for this promising sector to drive the Saudi economic growth.
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