Saudi Arabia plans $32bn investment in mining and minerals sector

Photo by Mooz L. on Unsplash
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Saudi Arabian Ministry of Industry and Mineral Resources has announced plans to seek $32bn in investments in the mining and minerals sector

As part of the plan, the country intends to support the development of nine mining projects for midstream minerals and metals that aim to support the exportation of mineral products.

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According to Saudi Arabia Industry and Mineral Resources Minister Bandar bin al-Khorayef the investments form part of the country’s Vision 2030, which aims to make the mining sector the third pillar of the national industry in compliance with the objectives of the National Industrial Development and Logistics Programme.

Al-Khorayef was cited by Reuters as saying in a statement: “These targeted investments represent an important ‘down payment’ in our efforts to move beyond exploration and extraction and into the creation of integrated value chains, a central focus of our overall mining strategy.

“The investments will continue to position the Kingdom as a mining production and logistics hub for a region that stretches from Africa to Asia, while also supporting the transformation of our mining sector so it can achieve its potential.”