Saudi Arabia plans to draw $32bn worth of investment into mining sector

By Rahul Vaimal, Associate Editor
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Mining Industry
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The Saudi Arabian Minister of Industry and Mineral Resources, Mr. Bandar Al-Khorayef has revealed that the country is planning to attract investments worth $32 billion into its mining sector.

The official news agency of the Kingdom, Saudi Press Agency (SPA) quoted the minister stating that, “the ministry targets to finance nine mining projects for midstream minerals and metals.”

Earlier, a Reuters report revealed that the country’s Ministry of Industry and Mineral Resources declared that it has secured financing worth $6 billion for building a steel plate mill complex and an electric vehicle (EV) battery metals plant.

The projects are said to include a $4 billion steel plate mill complex for shipbuilding, oil and gas, construction and defense sectors, as well as a “green” flat steel complex that will supply vehicles, food packaging, machinery and equipment, and other industrial sectors.

It is understood that both projects are already underway, along with a $2 billion EV battery metals plant.

Mr. Al-Khorayef elaborated that these projects are expected to offer more than 14,000 jobs while adding that the ministry is currently reviewing 145 exploration license applications from foreign companies.

The Saudi minister further added that, “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.”

Related: Saudi Arabia signs MoU with Azerbaijan to enhance cooperation


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