Saudi Arabian Mining Company (Ma’aden), the largest multi-commodity mining and metals company in the Middle East, has launched its Local Content program, Tharwah.
The program inauguration was steered by Ma’aden CEO Mr. Robert Wilt, CEO of the local content Authority, Mr. Abdulrahman Al-Semari and witnessed by Minister of Industry and Mineral Resources Mr. Bandar Alkhorayef in the presence of ministers and delegates. Tharwah, which means wealth in Arabic, is focused on maximizing the contribution of the mining industry to the Saudi Arabian economy in line with Vision 2030.
By 2040, Ma’aden estimates spending $14.6 billion on goods and services to support operations, yielding an additional $8.7 billion in Local Content contribution. This will enable Ma’aden to contribute $23.4 billion to Saudi Arabia’s gross domestic product (GDP) and create up to 47,000 jobs for Saudi nationals within the same timeframe.
“Saudi Arabia has an extraordinary wealth of human and mineral resources. With Vision 2030, the Kingdom’s leadership is providing all the tools needed to maximize long-term prosperity. As the champion of the mining industry, building the third pillar of the Saudi economy, Ma’aden is honored to scale up its support for the Vision with the launch of the Tharwah program. Local content is a catalyst for broader economic growth. Through Tharwah, we will build on our current contributions to the national mining ecosystem and support the remote communities in which we operate to create robust, self-reliant local business ecosystems.”
Ma’aden targets capital investments of up to $65.4 billion by 2040. The company’s capital program could deliver a cumulative Local Content contribution of $19.1 billion and the potential to boost GDP by $111.2 billion over the same period, leading to the creation of 225,000 jobs in the supply chains supporting its projects.
The Tharwah program focuses on five key pillars including;
- People: Creating new, high-quality employment opportunities that meet the expectations of young Saudis.
- Businesses: Continuing to create opportunities that incentivize local investment and strengthen the local economy.
- SMEs: Supporting the development of Small and Medium-sized Enterprises, as an engine of growth for the wider Saudi economy.
- Remote areas: Reinforcing our efforts to support remote communities and businesses, helping create robust, self-reliant business ecosystems that strengthen the local economy.
- Supply Chain: Working with organizations across the mining value chain to grow the capabilities and capacity of Local Content.