Latest news with #BandarAl-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
Zawya
02-05-2025
- Business
- Zawya
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) (
Arab News
01-05-2025
- Business
- Arab News
LCGPA honors 26 winners at third Local Content Awards in Riyadh
RIYADH: The Local Content and Government Procurement Authority recognized 26 public, private, nonprofit and individual contributors at its third Local Content Award ceremony on Wednesday in Riyadh. The theme of the event was 'Applauding Your Impact.' Organized under the patronage of Bandar Al-Khorayef, Saudi Arabia's minister of industry and mineral resources, the event celebrated efforts to advance local content development — a pillar of Crown Prince Mohammed bin Salman's Vision 2030. This aims to strengthen the economy by boosting domestic industries, reducing reliance on imports and empowering national talent. The awards highlight achievements in meeting Local Content Requirements, or LCRs, which have raised government procurement spending on domestic goods and services from 28 percent in 2018 to 47 percent. During his keynote speech, Al-Khorayef said that 396 Local Content Development Teams operated across government entities, while 270 state-owned firms had embedded LCRs into policies, driving their local spending to 50.7 percent in 2023. In the government entities category, awards were distributed across two main paths and three subcategories. In the path for Excellence in Local Content for Medium and Low-Spending Entities, the Ministry of Foreign Affairs claimed first place, the Roads General Authority ranked second, and the Digital Government Authority, or DGA, came in third. Abdulaziz Al-Bader, general manager of procurement at the DGA, told Arab News: 'We have focused on localizing industries through technology-related agreements, such as those for digital circuits, where we have achieved impressive results.' He said that advances in cloud computing and the unification of technical specifications for government technology purchases had further streamlined procurement. Al-Bader said that 'our investment colleagues have made significant efforts, and the entity managing these investments has begun to see tangible outcomes.' These measures, he explained, directly contributed to 'a reduction in government spending on such procurements and accelerated the purchasing process' — an outcome he attributed to rigorous standardization and localized industry partnerships. STC Group secured the top award for Local Content Preference, while the National Water Company was among other notable honorees. In the private sector, telecom company TAWAL and manufacturing firm FIPCO stood out among large enterprises. Small and medium enterprises such as Suwar Technology and Intra Defense Technologies were recognized for driving innovation in niche markets. Reef National Foundation became the first nonprofit to be awarded for advancing local content goals. Individuals Lama Al-Hussein (first) and Abdulmajeed Marzouq (second) earned top honors for raising awareness of local content's economic impact.
Leaders
17-04-2025
- Business
- Leaders
Saudi Arabia, Indonesia Deepen Mining Cooperation
Saudi Arabia and Indonesia have boosted their cooperation in the mining sector by signing a new agreement and exploring opportunities for mutual investment and knowledge transfer, reported the Saudi Press Agency (SPA). During an official visit to Indonesia, the Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, on Thursday signed a memorandum of understanding (MoU) in Jakarta with the Indonesian Minister of Energy and Mineral Resources, Bahlil Lahadalia. The agreement aims to strengthen strategic cooperation in the mining and minerals sector and facilitate expertise exchange between both countries. Moreover, the MoU focuses on enhancing knowledge transfer in the fields of mining, mineral production and processing, mining exploration, geological surveys, and sustainable mining practices. Al-Khorayef is leading a high-level Saudi delegation from the industry and mining sector to bolster economic ties with Indonesia, attract investments to Saudi Arabia, and explore avenues for mutual investment across vital sectors, such as mining, food, pharmaceuticals, and automotive. During his visit, the Saudi Minister held a series of high-level meetings with Indonesian government officials and CEOs of major companies, where they discussed deepening strategic partnerships in the mining and minerals sector, expertise exchange, and the latest technologies used in mineral processing and mining exploration. Short link : Post Views: 22
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.
