Saudi Arabia has new investment opportunities in the mining industry with a total value of nearly $100 billion, a senior official has said.
The world’s largest oil exporter already has attracted investments of nearly 75 billion Saudi riyals ($20 billion) to mineral projects, including three phosphate industrial ventures, said Khalid Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources.
Mudaifer told the Saudi Aliqtisadia newspaper that the Gulf Kingdom has become an “attractive” destination for investors in minerals and other sectors following the announcement of its economic diversification scheme known as Vision 2030.
“There are new investment opportunities available in the Kingdom in the mining sector with a value of nearly $100 billion…these opportunities include numerous minerals such as aluminum, iron, titanium, electric battery metals and industries related to solar and wind energy,” Mudaifer said.
The official said a new mining strategy approved a few years ago has resulted in a sharp increase in mining exploration activities.
He said 133 companies have been established in the Saudi mining sector, including around 100 firms in 2024 alone.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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