Latest news with #Al-Khorayef
Leaders
10-05-2025
- Business
- Leaders
Saudi Arabia, Denmark Explore Investment Opportunities in Industry, Mining
The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, explored investment opportunities with several Danish companies in the industry and mining sectors during an official visit to Denmark, reported the Saudi Press Agency (SPA). Through a series of bilateral meetings with CEOs of major companies in industry and mining in Copenhagen, Al-Khorayef discussed joint opportunities, enablers and incentives that Saudi Arabia offers to investors. The meetings focused on strengthening bilateral industrial and mining cooperation, as well as ways to capitalize on opportunities provided by the National Strategy for Industry across 12 priority sectors which the Kingdom seeks to localize and develop. Moreover, the meetings discussed opportunities provided by the Comprehensive Mining Strategy, in line with the objectives of Saudi Vision 2030, which aims to advance growth and economic diversity. During his visit to Denmark, Al-Khorayef met with leaders of companies specialized in pharmaceuticals, food, and mining. These companies included FLSmidth, Danfoss, Novo Holdings, Novonesis, and Arla Foods. The Saudi Industry Minister also met with senior officials at the Danish Chamber of Commerce, with the presence of top officials from Danish energy giants Vestas and European Energy. During the meeting, Al-Khorayef stressed the Kingdom's commitment to fostering bilateral trade with Denmark and bolstering cooperation in the industry and mining sectors. Al-Khorayef's visit to Denmark aligns with Saudi Arabia's ongoing efforts to deepen economic partnerships with advanced industrial countries, attract international expertise to accelerate the growth of the Kingdom's industry and mining sectors, and establish its status as a leading industrial powerhouse and a global hub for mining. Short link : Post Views: 15
Arab News
17-04-2025
- Business
- Arab News
Saudi Arabia, Indonesia sign deal on mineral exploration, mining
Jakarta: Saudi Arabia and Indonesia signed a preliminary agreement to enhance cooperation in the mining and minerals sector during Industry and Mineral Resources Minister Bandar Al-Khorayef's visit to Jakarta on Thursday. Indonesia holds the world's largest nickel reserves and has rich deposits of other minerals, including copper and bauxite. In 2023, its mining sector accounted for about 11.9 percent of the country's gross domestic product. Al-Khorayef arrived in the Indonesian capital for a three-day visit on Tuesday for meetings with both officials and top industry executives. On Thursday, he signed a memorandum of understanding with Energy and Mineral Resources Minister Bahlil Lahadalia to boost partnerships in the mining sector, which covers exchange of expertise and knowledge transfer between the two countries. 'The agreement aims to strengthen strategic cooperation and exchange of expertise between the two countries in the mining and minerals sector,' Saudi Arabia's Ministry of Industry and Mineral Resources said in a statement. 'This includes the exchange of expertise and knowledge transfer in the fields of mineral exploration, extraction, geological surveying, sustainable mining practices, modern mining technologies, evaluation of mineral resources, and the development of mining industries and mineral materials.' Al-Khorayef's visit aims to attract more investment to the Kingdom and explore mutual investment opportunities in mining, food, pharmaceuticals and auto parts industries, in line with Saudi Vision 2030. His various meetings in Jakarta included talks with Indonesia's Industry Minister Agus Gumiwang Kartasasmita and State-Owned Enterprises Minister Erick Thohir, as well as senior officials from Indonesia's state-owned mining industry holding company, MIND ID, state-owned pharmaceutical firm Bio Farma, and one of the world's largest instant noodle makers, Indofood. Indonesia is also keen to forge closer workforce cooperation, as Al-Khorayef and his delegation visited a training center unit under the Ministry of Industry on Thursday. 'We are ready to support the sending of skilled workers … to fulfill the workforce needs in Saudi Arabia,' Masrokhan, who heads the ministry's Industrial Human Resources Development Agency, said in a statement. During his trip, Al-Khorayef also witnessed the signing of a preliminary agreement between the Saudi Export-Import Bank and its Indonesian counterpart, aimed at strengthening economic and trade relations between the two countries. Trade and investment relations between Saudi Arabia and Indonesia have been on the rise. Non-oil trade was worth about $3.3 billion in 2024, showing a 14.5 percent increase compared to 2020.
Arab News
16-04-2025
- Business
- Arab News
Saudi industry minister visits Indonesia for critical minerals cooperation talks
JAKARTA: Saudi Arabia's Industry and Mineral Resources Minister Bandar Al-Khorayef held talks with his Indonesian counterparts in Jakarta on Wednesday, as the two countries explore cooperation in critical minerals and other key resources driving the global energy transition. Indonesia is the world's largest source of nickel and has rich deposits of other minerals, such as copper and bauxite. Its mining sector makes a significant contribution to the economy, accounting for about 11.9 percent of GDP in 2023. Al-Khorayef arrived in the Indonesian capital for a three-day visit on Tuesday and his delegation is meeting both officials and top industry executives. 'We discussed ways to enhance industrial cooperation and expand partnerships between private-sector entities in the two countries, in addition to reviewing investment opportunities and the Kingdom's goals to become an industrial and logistics hub in the region,' he said in a post on X, after talks with Indonesia's Industry Minister Agus Gumiwang Kartasasmita and State-Owned Enterprises Minister Erick Thohir. Tohir also took to social media to highlight the focus of the planned partnerships. 'State-owned enterprises in mining, communications infrastructure, banking and renewable energy sources are the priority of our discussions and the cooperation we will forge,' he wrote on X. Trade and investment relations between Saudi Arabia and Indonesia have been on the rise. Non-oil trade was worth about $3.3 billion in 2024, showing a 14.5 percent increase compared to 2020. 'There's still plenty of room for mutual growth. This is why the Indonesian government welcomes the rising interest of Saudi investors in Indonesia's strategic sectors, including to strengthen the ecosystem of our national industries,' Kartasasmita said. 'Indonesia, with its huge potential in natural resources, market and workforce, and the government's commitment to industrial downstreaming efforts, is opening up vast opportunities for mutually beneficial collaborations,' he said. Al-Khorayef's visit was aimed at attracting more investment to the Kingdom and exploring mutual investment opportunities in mining, food, pharmaceuticals and auto parts industries, in line with Saudi Vision 2030. On his first day in Jakarta, he met Indonesia's special envoy for energy and the environment, Hashim Djojohadikusumo, representatives from Indonesia's state-owned mining industry holding company, MIND ID, and mineral mining company PT Vale Indonesia. 'Indonesia and Saudi Arabia are at a key point in redefining the mineral economy,' MIND ID CEO Maroef Sjamsoeddin said. 'We are ready to explore cooperation opportunities, knowledge exchange and transformational innovation (projects),' he said.
Leaders
08-02-2025
- Business
- Leaders
Saudi Arabia, India Expand Strategic Partnership in Industry, Mining
Saudi Arabia and India have explored ways to expand their strategic partnership by strengthening cooperation in the industrial and mining sectors. During an official visit to India, from February 3-6, 2025, a Saudi delegation, led by the Ministry of Industry and Mineral Resources, Bandar Al-Khorayef, held a series of meetings in New Delhi and Mumbai with Indian officials and leaders of major companies to foster bilateral relations and attract investments to the Kingdom. Areas of Cooperation The Saudi Industry Minister began his visit with bilateral meetings with the Indian Minister of Chemicals and Fertilizers, Jagat Prakash Nadda, and Minister of Steel and Heavy Industries, H.D. Kumaraswamy, according to the Saudi Press Agency (SPA). During these meetings, both sides explored ways to bolster cooperation across many sectors, including petrochemicals and fertilizers, pharmaceuticals, medical equipment, heavy machinery, automotive, and spare parts. The Indian Minister of Chemicals and Fertilizers showed great interest in exploring collaboration prospects in pharmaceuticals and medical equipment manufacturing. Meanwhile, the Indian Minister of Steel and Heavy Industries expressed interest in harnessing Saudi Arabia's magnesium reserves to produce refractory materials used in the iron and steel industry. Expanding Industrial Partnership As part of his visit to India, Al-Khorayef met with the Indian Minister of Industry and Supply, Shri Piyush Goyal, in New Delhi, where they discussed enhancing industrial cooperation between Saudi Arabia and India. During this meeting, both sides explored ways to expand industrial partnerships and attract investments to strategic industrial sectors in the Kingdom. Moreover, the Saudi Minister underscored the solid economic relations between Saudi Arabia and India, highlighting the promising opportunities to further deepen joint cooperation in the industrial sector. Saudi-Indian Roundtable Meeting Chairing a roundtable meeting with Indian private sector leaders in New Delhi, Al-Khorayef stressed that India is a key strategic partner to Saudi Arabia in various economic sectors, particularly industry and mining. He added that the Kingdom is sparing no effort to foster this partnership across several vital sectors, such as automotive, medical industries, biotechnology, chemical and petrochemical industries, as well as equipment, machinery, and renewable energy. Furthermore, Al-Khorayef highlighted the role of Saudi Vision 2030 in driving economic diversification in the Kingdom, offering promising opportunities to boost cooperation with India, most notably in the manufacturing and mining sectors. Industry Localization During the roundtable meeting, the Saudi Industry Minister noted that the automotive sector provides a platform for building robust investment partnerships between Saudi Arabia and India, given that the Kingdom is one of the top automotive importers in the Middle East. In the light of this, Saudi Arabia seeks to localize automotive industry, including components manufacturing, and supply chain, by capitalizing on global expertise in automotive manufacturing, according to Al-Khorayef. The Saudi Minister also pointed to the Kingdom's leadership in petrochemical industries, being one of the world's top petrochemicals producers. Moreover, Al-Khorayef expressed Saudi Arabia's interest in India's machinery manufacturing sector, given Delhi's advanced capabilities in this sector and Riyadh's ambitions to become a key player in the global mining market, raising its demand on machinery and heavy equipment. Attracting Indian Investments Saudi Arabia has launched several programs and initiatives to create a favorable industrial investment environment, said Al-Khorayef. These include the Future Factories Program, which encourages adopting new technologies, allocates land at low lease rates, and offers financial support for promising projects through the Industrial Development Fund. Furthermore, the Kingdom provides support for national exports, through the Saudi Export Development Authority. It also develops the industrial infrastructure, provides energy at competitive prices, trains local employees, and attracts foreign talents. Highlighting the Kingdom's efforts to promote investments, Al-Khorayef invited Indian companies to leverage the promising investment opportunities in Saudi Arabia. Strengthening Mining Cooperation Al-Khorayef's visit to India focused on bolstering cooperation in the mining sector. With regards to this, the Saudi Industry Minister met with India's Minister of Coal and Mines, G. Kishan Reddy. Both ministers held discussions on fostering joint collaboration in the mining and minerals sector. HE Minister of #Industry_and_Mineral_Resources, Bandar AlKhorayef, concludes his official visit to the Republic of India. — وزارة الصناعة والثروة المعدنية (@mimgov) February 7, 2025 Moreover, they explored shared opportunities in mineral exploration and critical minerals mining, ways to exchange expertise on sustainable mining practices, and smart solutions in mining operations and mines management. Both sides also discussed boosting cooperation in developing human capabilities in mining, and enhancing collaboration between universities, scientific research institutions and specialized companies to develop new technologies for efficient mining and environmental sustainability. Vision 2030: A Driver for Partnership Expansion The Saudi Industry Minister emphasized the significance of Vision 2030 in opening new horizons for expanding the strategic partnership between Saudi Arabia and India in the industry and mining sectors. During a roundtable meeting in Mumbai, held in cooperation with the Confederation of Indian Industry (CII), Al-Khorayef noted that the Saudi-Indian Business Council is making tireless efforts to enhance bilateral economic ties, build successful and productive investment partnerships, and provide more business and investment opportunities in both countries. Additionally, Al-Khorayef highlighted the harmony between the objectives of Vision 2030 and India's capabilities in the industrial and mining sectors, which makes joint cooperation more productive. Fostering Saudi-Indian Investments The Saudi Industry Minister met with leaders and CEOs of several Indian companies in New Delhi and Mumbai, exploring investment opportunities and avenues of cooperation. In the light of this, Al-Khorayef met with the leaders of TATA Group's affiliates: TATA Defense, TATA electronics limited, and TATA steel Limited, at the Group's headquarters in Mumbai. The meeting discussed ways to boost cooperation in aerospace, defense, steel and electronics industries. The Saudi Minister highlighted the key investment opportunities in 12 promising industrial sectors targeted by the National Industrial Strategy, including aerospace, military and defense industries, and electronics. Furthermore, Al-Khorayef held meetings with the CEOs of several Indian mining companies, including Vedanta, BAHARAT Forge, and Aditya Birla. These meetings focused on exploring the promising investment opportunities in the mining sector, as well as fostering cooperation in mining exploration and critical mining production. Al-Khorayef also met with the leaders of Ashok Leyland, Cipla Pharma, Uno Minda, and Essar, in addition to several mining and manufacturing companies. The Saudi Minister also visited the research and technology center of UPL, a company specialized in sustainable agriculture solutions. During his visit to India, Al-Khorayef witnessed the signing of a memorandum of understanding (MoU) between the National Industrial Development Center (NIDC) and Ashok Leyland. The MoU aims to localize the manufacturing of buses, trucks and electric vehicles in Saudi Arabia. Short link : Post Views: 42
