Saudi Arabia and Turkey: Partnership in the Mining and Minerals Sector

Photo by Shane McLendon on Unsplash
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Saudi Arabia’s relations with Turkiye have entered a phase of partnership, according to the Kingdom’s Industry Minister.

In an exclusive interview with Anadolu, Minister of Industry and Mineral Resources, Bandar Alkhorayef, said Saudi Arabia has confidence in Turkish investors to build an economic base on which the two countries can boost their cooperation.

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Mining investment

Saudi Arabia plans to host a major mining conference in January. Turkish Energy and Natural Resources Minister, Alparslan Bayraktar, was invited by Riyadh to attend this event.

On August 28 2023, Bayraktar said Ankara and Riyadh signed a Memorandum of Understanding for cooperation on critical minerals.

“The mining sector in Saudi Arabia is very promising,” Alkhorayef said.

In November 2022, Saudi Arabia unveiled a plan to attract $32 billion in new investments in the mining and minerals sector through nine new projects.

Last February, the Industry and Mineral Resources Ministry said the number of mining complexes in the Kingdom reached 377 by the end of 2022. These complexes cover more than 20 different minerals, including gravel, gold, iron, copper, granite, marble, nickel and zinc.

The Saudi Industry Minister said the oil-rich Kingdom has offered record licenses for investment in the mining sector.

He cited that the country had organised two major conferences that brought governments, mining companies and scientific institutions to discuss the future of minerals.

“We have put a large number of projects for exploration and we have begun to obtain great results.”