Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectors

Minister of Industry and Mineral Resources Bandar Al-Khorayef visits the London Metal Exchange together with industry and mining leaders.
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Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef has met in London with Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng, the Saudi Press Agency reported.

Attended by a number of industry and mining leaders, the meeting comes as part of the Minister’s visit to the United Kingdom to enhance collaboration and bilateral relations in industry and mining, SPA said Wednesday.

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Both sides explored investment opportunities in the industrial and mining sectors, and strengthened ongoing collaboration.

According to the SPA, the ministers emphasized the importance of raising the level of collaboration in bilateral relations in both sectors and enhancing communication channels to attract quality investments that align with the Kingdom’s Vision 2030 objectives aimed at diversifying the economy.

With more than 10,000 factories, the industrial sector currently has investments worth around $400 billion. Over the past year, new investments worth more than $20 billion have been attracted.

The Kingdom’s mineral wealth is estimated to be worth $1.3 trillion. Through a number of initiatives and programs, including the General Program of the Geological Survey, which aims to explore minerals on an area of 600 square kilometers, the Kingdom seeks to empower high-quality investments in both sectors.