Latest news with #Al-Khorayef
Zawya
30-07-2025
- Business
- Zawya
Saudi minister explores investment and industrial partnerships with US private sector in Chicago
CHICAGO - Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Al-Khorayef, met with leaders of the American private sector in Chicago to discuss enhancing cooperation in industry and mining, and to explore bilateral investment opportunities. The roundtable, held at the headquarters of World Business Chicago, focused on the development of Saudi Arabia's industrial and mining sectors, the potential for innovation-driven investments, and strategies to build sustainable economic partnerships between the two countries. During the meeting, Al-Khorayef emphasized the strength of the strategic relationship between Saudi Arabia and the United States, highlighting that bilateral trade reached over SR123 billion ($32.8 billion). He also referenced the recent visit of U.S. President Donald Trump to Saudi Arabia, which resulted in the signing of a strategic partnership document and a series of key agreements in sectors including defense, energy, mining, technology, and artificial intelligence. Al-Khorayef outlined the central role of the industrial and mining sectors in Saudi Arabia's Vision 2030 economic diversification agenda. He noted that the National Industrial Strategy aims to localize and grow 12 priority sectors — including downstream chemicals, automotive, aerospace, and mining — and raise the sector's GDP contribution to $244 billion by 2030. The strategy offers 800 investment opportunities worth around SR1 trillion ($266.6 billion), positioning Saudi Arabia as a global industrial hub. On the mining front, the minister said the Kingdom aims to develop the sector into the "third pillar" of national industry, capitalizing on untapped mineral resources valued at over SR9.4 trillion ($2.5 trillion), including gold, copper, and rare earth elements. The comprehensive mining and minerals strategy targets a sectoral GDP contribution of SR240 billion ($64 billion). Al-Khorayef also pointed to the Kingdom's competitive regulatory environment for mining investments. Recent reforms have streamlined licensing, reducing the application processing period to just 90 days, while a supportive legislative framework offers attractive incentives for domestic and international mining firms. The roundtable was attended by key figures from the U.S. private sector and more than 30 investors across strategic industries including specialty chemicals, automotive, aviation, and mining. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
29-07-2025
- Business
- Saudi Gazette
Saudi minister explores investment and industrial partnerships with US private sector in Chicago
Saudi Gazette report CHICAGO — Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Al-Khorayef, met with leaders of the American private sector in Chicago to discuss enhancing cooperation in industry and mining, and to explore bilateral investment opportunities. The roundtable, held at the headquarters of World Business Chicago, focused on the development of Saudi Arabia's industrial and mining sectors, the potential for innovation-driven investments, and strategies to build sustainable economic partnerships between the two countries. During the meeting, Al-Khorayef emphasized the strength of the strategic relationship between Saudi Arabia and the United States, highlighting that bilateral trade reached over SR123 billion ($32.8 billion). He also referenced the recent visit of U.S. President Donald Trump to Saudi Arabia, which resulted in the signing of a strategic partnership document and a series of key agreements in sectors including defense, energy, mining, technology, and artificial intelligence. Al-Khorayef outlined the central role of the industrial and mining sectors in Saudi Arabia's Vision 2030 economic diversification agenda. He noted that the National Industrial Strategy aims to localize and grow 12 priority sectors — including downstream chemicals, automotive, aerospace, and mining — and raise the sector's GDP contribution to $244 billion by 2030. The strategy offers 800 investment opportunities worth around SR1 trillion ($266.6 billion), positioning Saudi Arabia as a global industrial hub. On the mining front, the minister said the Kingdom aims to develop the sector into the "third pillar" of national industry, capitalizing on untapped mineral resources valued at over SR9.4 trillion ($2.5 trillion), including gold, copper, and rare earth elements. The comprehensive mining and minerals strategy targets a sectoral GDP contribution of SR240 billion ($64 billion). Al-Khorayef also pointed to the Kingdom's competitive regulatory environment for mining investments. Recent reforms have streamlined licensing, reducing the application processing period to just 90 days, while a supportive legislative framework offers attractive incentives for domestic and international mining firms. The roundtable was attended by key figures from the U.S. private sector and more than 30 investors across strategic industries including specialty chemicals, automotive, aviation, and mining.
Leaders
08-07-2025
- Business
- Leaders
Saudi-Russian Industrial Dialogue Forum Highlights Promising Investment Opportunities
The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, highlighted the promising opportunities for industrial cooperation and investment between Saudi Arabia and Russia, as part of his participation in the Saudi-Russian Dialogue Forum at INNOPROM 2025, held in Yekaterinburg, Russia. In his opening speech, Al-Khorayef reaffirmed the depth of strategic and economic ties between Saudi Arabia and Russia, which act as a pillar for enhancing bilateral trade, investment and cooperation across various sectors, most notably industry, mining and technology, according to the Saudi Press Agency (SPA). Furthermore, Al-Khorayef praised the positive outcomes achieved by the Saudi-Russian Joint Committee and its crucial role in promoting investment opportunities in key economic sectors, strengthening cooperation, and exchanging expertise and knowledge. The Saudi Industry Minister highlighted the Kingdom's strategic advantages which position it as a global investment hub, including its strategic geographical location connecting three continents, the abundancy of natural resources, competitive energy prices, and developed infrastructure. He also highlighted the incentives to attract international investors, inviting Russian companies and investors to visit Saudi Arabia to explore the promising investment opportunities across various sectors. Moreover, Al-Khorayef pointed to the Kingdom's efforts to localize the mining sector, as a vital enabler for economic diversification under Saudi Vision 2030, particularly that Saudi Arabia possesses vast mineral resources. The economic relations between Saudi Arabia and Russia have seen monumental growth over recent years, especially in industry, mining, petrochemicals, and advanced manufacturing. The non-oil trade volume between the two countries jumped to $3.28 billion in 2024, rising from $491 million in 2016 – a testament to the expanding economic partnership between both countries. Al-Khorayef is spearheading Saudi Arabia's delegation to INNOPROM 2025, comprising senior officials from 18 government entities and over 20 national companies in the fields of industrial services, technology, manufacturing, industrial automation, energy, tourism and investment. Short link : Post Views: 70
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.
