Saudi Arabia’s Ministry of Industry and Mineral Resources has set an ambitious goal to attract investments worth $32bn to its mining and minerals sector through nine new projects.
The state-run SPA quoted the Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef who noted that the projects would create more than 14,500 jobs. It will also aim to support supplies of mineral products to local and international markets, according to the Minister.
The move is in line with the kingdom’s ambitious Vision 2030, which seeks to diversify its economy away from oil by investing hundreds of billions of dollars in various sectors, as initially reported by ITP’s sister publication Arabian Business.
The ministry is now processing 145 exploration license applications from foreign companies, the Minister said.
Bandar Alkhorayef added: “Our mission in the ministry is to work on benefiting from mining resources and develop a sustainable mining sector capable of competing at the global level. This needs to support economic development, job creation, and industry development on a larger scale.
“These projects are consistent with our ambition to become a leading centre for mining and metallurgical industries, and contribute to the growth of Saudi Arabia and the region as a whole.”
The Minister also noted that the projects that are currently being implemented as part of the targeted investments include a steel plate factory with investments of more than $4bn, which aims to supply to a shipbuilding factory in the King Salman International Complex for Maritime Industries and Services in Ras Al-Khair.
Investments in other sectors
Another such project includes a factory worth $2 billion for electric car batteries, Arabia Business noted. Meanwhile, $1 billion has been allocated to other projects to produce metals such as aluminium, steel sheets, copper, and zinc, which are expected to increase local demand as part of the kingdom’s industrialisation strategies.
Alkhorayef also pointed out that the value of the targeted investments from the ministry follow up on previous successes in developing the mining sector, which witnessed investments of more than $26 billion in aluminium and phosphates.
The Saudi Minister indicated that the Mansoura and Masarah gold mines are likely to start operating in 2022. In addition, one of the Ma’aden mines, worth more than $880 million, will work on an annual production of 250,000 ounces of gold and silver.
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