With $2.5 trillion in mineral resources, Saudi Arabia is committed to becoming a mining, mineral production and manufacturing hub. Eng. Khalid bin Saleh Al-Mudaifer, vice minister of the ministry of industry and mineral resources for mining affairs, underscored the nation’s ambitious plans aligned with Vision 2030. This came during Al-Mudaifer’s participation in the Global Metals, Mining, and Critical Minerals Conference in Miami. Al-Mudaifer outlined the Kingdom’s efforts to diversify its economy and position itself as a global leader in the mining sector.
Initiatives driving growth
Al-Mudaifer emphasized that Saudi Arabia’s Vision 2030 serves as the driving force behind the nation’s strategic endeavors in the mining industry. He noted that the Kingdom has taken several steps to develop the mining sector. This includes implementing many initiatives to create an environment that fosters the development of the sector.
Al-Mudaifer highlighted initiatives such as the Mining Investment Law that facilitates obtaining licenses. The law also aims to reduce the environmental impact of mining operations and maximize the benefits for local communities. Saudi Arabia also launched the Saudi Geological Survey to provide comprehensive geological data to the sector.
Attracting global investments
Saudi Arabia acknowledges the pivotal role of global investments in propelling the mining industry forward, the vice-minister said. Therefore, it has rolled out robust incentives to attract top-tier investors.
Saudi Arabia launched Manara Minerals Investment Company (Manara), in partnership with the Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund (PIF). This allows it to invest in global mineral assets and provide the needed minerals to achieve industrial transformation and supply chain resilience.
Read: Saudi Arabia launches strategy and academy to develop human capabilities in industry, mining
Harnessing technology
Al-Mudaifer stated: “Technological development investments in the mining sector are crucial, as technology has always been the solution that meets the growing demand for minerals.” He also highlighted the recent agreement between Ma’aden and Ivanhoe Electric Inc. (IE), stating that it will accelerate exploration efforts. Leveraging IE’s Typhoon inversion geology survey technology, Saudi Arabia aims to expedite exploration activities and accelerate progress toward Vision 2030 goals.
With an estimated mineral resource value of $2.5 trillion, Saudi Arabia emerges as an ideal hub for fostering robust mineral value chains. It has a strategic location, world-class infrastructure, solid governance, and a favorable business environment.
Moreover, the continuous progress Saudi Arabia is making in the World Bank’s Ease of Doing Business ranking positions it as a premier destination for global investors seeking to capitalize on the burgeoning opportunities within the mining sector.
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