Latest news with #andCriticalMineralsConference
Leaders
27-02-2025
- Business
- Leaders
Saudi Arabia Announces SR375 Billion Mining Investment Opportunities
Saudi Arabia has unveiled a SR375 billion mining investment strategy through 2035 to establish itself as a global mining leader. Eng. Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources, confirmed SR75 billion already funds active projects under this strategy. The plan supports Vision 2030's goals, prioritizing mining to diversify the economy and drive industrial growth nationwide. Vision 2030 Sparks Mining Sector Transformation At the BMO Global Metals, Mining, and Critical Minerals Conference in Miami, Al-Mudaifer discussed Vision 2030's impact. The initiative modernized Saudi Arabia's mining laws and attracted domestic and international investors through programs like the National Minerals Program. Government partnerships with private firms have attracted major global companies. These companies seek access to Saudi Arabia's mineral reserves. These reserves now value SR9.3 trillion, rising from SR5 trillion in recent years. HE Vice Minister for Mining Affairs, Eng. Khalid AlMudaifer, highlighted the promising investment opportunities in Saudi Arabia's mining and mineral sector as part of #Vision2030, emphasizing the Kingdom's role in enhancing the sustainability of global supply chains and… — وزارة الصناعة والثروة المعدنية (@mimgov) February 26, 2025 A dramatic 22-fold increase in exploration companies operating in the Kingdom, from six in 2020 to 133 in 2023, reflects soaring global demand for critical minerals. Annual exploration spending has surged by 32%, far exceeding the global average of 6-8%, with total investments reaching SR1.33 billion. These efforts have not only unlocked new reserves but also created jobs, directly supporting Vision 2030's economic diversification goals. Saudi Arabia Eyes Long-Term Global Competitiveness Moreover, Al-Mudaifer emphasized that the mining sector is now central to the Kingdom's economic strategy. By fostering public-private partnerships and leveraging its mineral wealth, Saudi Arabia aims to solidify its position as a key supplier of critical minerals. The Kingdom, through sustained investment and strategic alliances, will dominate the global mining landscape for decades. Saudi Arabia's SR375 billion mining investment plan exemplifies its unwavering commitment to Vision 2030. As exploration expands and international partnerships strengthen, the Kingdom is well on its way to transforming its mining sector into a driver of sustainable economic growth and global leadership. Short link : Post Views: 16
Zawya
27-02-2025
- Business
- Zawya
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. (
Saudi Gazette
27-02-2025
- Business
- Saudi Gazette
Saudi Arabia unveils SR375bn in mining investment opportunities
Saudi Gazette report 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.
