Kingdom’s mineral wealth estimated at $1.3 to $1.5 trillion in value
The development of the Kingdom’s mining industry is one of the cornerstones of the Vision 2030 agenda towards economic growth, diversification and social transformation.
Saudi Arabia is now seeking to take minority stakes in global mining assets that will over time allow it access to key supplies of strategic minerals.
“The Kingdom has begun to explore the potential of its mineral wealth, currently estimated at $1.3 to $1.5 trillion in value,” Ali Alireza, managing director of Haji Husein Alireza & Co. told Arab News. “This is an important key towards reducing the country’s high dependence on oil and fossil fuels.
“The Kingdom covers nearly 2 million sq. km and is one of the world’s top 15 countries by area, with a relatively little developed mining industry. The potential is huge.”
To kickstart this process, Alireza explains, Saudi Arabia passed a law in June 2020 to attract foreign investors into the Kingdom’s mining business. The law, which came into effect in January 2021, aids the country in exploring mineral resources worth around $1.3 trillion, according to Invest Saudi.
This is all part of a campaign to attract nearly $200 billion in investments in mining by 2030.
According to the Ministry of Industry and Mineral Resources, the Kingdom possesses more than 20 different types of minerals, including marble, granite, gold, copper and iron.
In March this year, the ministry announced indicative timelines for the bidding cycles of five new mineral exploration opportunities that were showcased at the Future Minerals Forum 2023 in January in Riyadh.
This action underlines a strategic shift in the Kingdom’s policy towards the discovery and extraction of minerals and metals that will aid the country’s transition towards green energy.
Source: www.arabnews.pk
